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China open to trade talks with US

Press Trust of India  |  Washington 

Asserting that US-bilateral trade is "critical to the world economy", a top Chinese said Beijing has kept its door open for trade talks with the Trump administration, as the two top global economies are locked in a trade war.

Addressing a joint press conference here on Friday, Chinese State Councilor said, "According to the US-Business Council, trade and economic relations with help every American family save USD 850 annually and creates as many as six million jobs in this country."

of State Mike Pompeo, US and Chinese were also present at the press conference.

China and the US are currently locked in an ongoing trade war as each country has introduced tariffs on goods traded between each other. Trump has promised to fix China's "longtime abuse of the broken international system and unfair practices".

"Our (China-US) trade and economic relations are mutually beneficial by nature and have delivered tangible gains to both the countries and its people. As part and parcel of the global industrial chain, trade and economic relations help allocate resources globally in a more efficient way, hence it is critical to the world economy," Yang said.

He said the trade issues that exist between and China are due to different economic structures and development stages in the two countries.

"These issues can be resolved through dialogue and consultation. A trade war, instead of leading to any solution, will only end up hurting both sides and the global economy, Yang said.

"The Chinese side has kept the channel of dialogue open. The door to negotiations remains open," the top Chinese said and expressed hope that the two sides find a "mutually acceptable solution" to the ongoing trade issue.

US and his Chinese counterpart are scheduled to meet in later this month on the sidelines of the Summit.

Pompeo, while interacting with the media, said, "Trump has made it clear that the US seeks a constructive and results-oriented relationship with China grounded in fairness, reciprocity and respect."

He also hoped for cooperation from the and companies to address Iran's nuclear missile programmes.

"Bringing Iran's export revenues to zero is a critical component of this campaign," he said.

The US on November 5 imposed "the toughest ever" sanctions on a defiant aimed at altering the Iranian regime's "behaviour". The sanctions cover Iran's and sectors and reinstate penalties for countries and companies in Europe, and elsewhere that do not halt Iranian imports.

However, it temporarily allowed India, China and five other major importers to continue buying Iranian as they showed "significant reduction" in from the country.

"Even as the two countries (US and China) confront important differences in the bilateral relationship, their cooperation remains essential on many, many central issues," Pompeo said.

Citing an example, he said the two sides should remain united "in pursuit of a final, fully-verified denuclearisation of North Korea".

Yang said China supports direct dialogue between and and hope that the two sides will "accommodate each other's legitimate concerns, build trust and advance denuclearisation process and the establishment of a peace mechanism in tandem".

The Chinese Beijing is committed to peace and development in the and respect the US' interest in the region.

However, at the same time, he said, Beijing expects to respect China's security and development interests and sovereignty in the

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, November 10 2018. 11:16 IST