China trade deal doesn't need to be inked next month

Marco Green
October 22, 2019

U.S. -China trade talks continue to move in the right direction, according to President Trump's top economic adviser Larry Kudlow.

China is "willing to work together with the USA to address each other's core concerns on the basis of equality and mutual respect", Liu said, according to a report on Taoran notes, a social media account run by the official Economic Daily. "I think we're very close on opening financial services and the currency stability deal, which is essentially is an International Monetary Fund deal".

Beijing and Washington have made "substantial progress" towards a partial trade deal, China's top trade negotiator said Saturday, in his first comments since talks with USA president Donald Trump last week.

"We'll be able to, we think, sign a completed document with China on phase one", Trump said at the White House US Trade Representative Robert Lighthizer said efforts to commit the agreement to paper before the Asia-Pacific Economic Cooperation summit in Chile next month are "on track" though some work remains to be done.

Trump has said he expects to sign the partial deal on the sidelines of the summit when he meets with Chinese President Xi Jinping.

The Chinese vice premier said on Saturday that China will step up investment in core technologies to accelerate economic restructuring, adding that economic prospects remain "very bright" despite China's third-quarter economic growth slowing to an annual 6.0%.

"It has to be the right deal, and it doesn't have to be in November", Ross told Fox Business Network in a television interview, adding resolutely: "It's more critical that it be a proper deal that exactly when it occurs."
"China and the USA can meet each other halfway, based on equality and mutual respect, addressing each other's core concerns, striving to create a good environment and achieving both sides' common goals", he added.

Earlier this month, the USA and China agreed in principle to a "phase one" trade deal.

It included promises to increase purchases of United States farm products and protections for intellectual property - but lacked specific details. The U.S. did not raise tariffs from 25 percent to 30 percent on October 15.

Other reports by Click Lancashire

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