Daily Management Review

China Offers A Partial Trade Deal To The US: Chinese State Media


10/11/2019




China Offers A Partial Trade Deal To The US: Chinese State Media
China wants to offer the United States a “partial” trade deal and that it would be beneficial for both Beijing and Washington, said a Chinese state newspaper on Friday. It further urged the US to accept the offer that China was making.
 
Analysts say that this is an attempt by China to bring down temperatures between the two largest economies of the before the imposition of the latest round of US tariffs. 
 
The trade war between the two countries have been ongoing for more than a year now and import tariffs on goods worth billions of dollars of each other have been imposed by both the countries. The trade war has roiled global financial markets and slowed down global trade stoking fears of the global recession. The tariffs have also forced some US companies to move their production units outside of China. 
 
Following the first day of talks between the trade representatives of the two countries in Washington, there was a sense of optimism among the business community and the markets that the two sides would be able to scale down their trade conflict and result in a delay in the new increased US tariffs on Chinese imports slated to come into effect next week
 
There is a willingness of China of coming to an agreement with the US on a range of issues that are important for both the countries so that there is no further friction leading to new tensions between them, said China’s top trade negotiator, Vice Premier Liu He, on Thursday. He stressed that “the Chinese side came with great sincerity”.
 
“A partial deal is a more feasible objective”, said an editorial in English published in the official China Daily newspaper. “Not only would it be of tangible benefit by breaking the impasse, but it would also create badly needed breathing space for both sides to reflect on the bigger picture,” the paper said.
 
A strict timetable for imposing limits on foreign ownership in futures, securities and mutual fund companies was published for the first time by China’s securities regulator just ahead of a meeting between China’s Liu and US President Donald Trump at the White House.
 
According to analysts, while China had earlier said that it would open up its financial sector to foreign companies as and when it wants and how it wants, this latest announcement by China clearly indicates that it wants to show that it is serious about opening up the sector to foreign companies, which is one of the major demands that has been made by the Trump administration.
 
According to a report published the Financial Times on Wednesday, offers of increasing the amount of products from the US agriculture sector is being made by Chinese officials in an effort to settle the trade war.
 
In the week ended October 3, net sales of 142,172 tonnes of US pork to China was confirmed by the US Department of Agriculture (USDA) on Thursday which is the highest weekly export of US pork to China, which is the largest importer of pork.
 
(Source:www.indiatimes.com)






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