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China says Xi, Trump's G20 meeting will be of "great significance"

Reuters  |  BEIJING 

By and Ben Blanchard

(Reuters) - A meeting between the Chinese and U.S. presidents at the summit will be of "great significance" in resolving bilateral problems, a senior Chinese said on Thursday, as the two countries try tentatively to get ties back on track.

and the have put tariffs on hundreds of billions of dollars of each other's goods and U.S. has threatened to set tariffs on the remainder of China's $500 billion-plus exports to the if their blistering trade dispute cannot be resolved.

Trump and Chinese plan to meet on the sidelines of a summit, which is being held in at the end of November and early December, for high-stakes talks.

Speaking in Beijing, China's top diplomat, said Xi and Trump reached an important consensus on the healthy and stable development of bilateral ties in their and were slated to meet in

"That will be of great significance for both sides to manage differences effectively and resolve issues in a practical way," Wang told reporters.

Wang said stands ready to work with the to remove disruptions, build trust and prepare fully for the meeting.

"We believe that meeting will help chart the course for China-U.S. relations," he said, following talks with Australian

Wang added that the more complex the situation it is, the more important it is for both sides to remain "level-headed".

Relations between the two countries have warmed since the Xi-Trump telephone call, laying the ground for their meeting.

In a further sign of improving ties, Chinese Politburo member and are set to hold a security and diplomatic dialogue with U.S. officials in on Friday.

Meeting U.S. in ahead of those talks, Yang said on Wednesday that the two sides should "properly manage differences and carefully prepare to ensure positive results in the meeting", said in a statement.

"is committed to working with the U.S. to achieve a no-confrontational, conflict-free, mutually respectful co-operation in which both sides win," added Yang, who heads the ruling Communist Party's foreign affairs commission and outranks Wang.

In a separate meeting on Thursday in with former U.S. of State Henry Kissinger, Wang said the two countries absolutely could resolve their trade dispute.

"As for the present China-U.S. economic and trade dispute, we believe it ought to be and can be appropriately resolved via equal dialogue," Wang said, according to

However, speaking in at a forum on Wednesday, former said there was a risk of an economic "Iron Curtain" falling between China and the United States unless carries out reforms and that some people in the United States would like to "divorce" from China.

Beijing can help avoid this happening by ending practices like forced technology transfers, and providing better protection for intellectual property, and by also genuinely allowing market forces to drive key decisions.

"If China doesn't move quickly, I suspect the calls for divorce will intensify," Paulson said.

(Reporting by and Philip Wen; Additional reporting by and in Shanghai; Editing by and Simon Cameron-Moore)

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

First Published: Thu, November 08 2018. 15:57 IST