Published: Tue, January 08, 2019
Worldwide | By Lisa Hogan

China and US to Hold Trade Talks in Beijing Next Week

China and US to Hold Trade Talks in Beijing Next Week

China's government says American envoys will visit Beijing on Monday for talks on a tariff fight that threatens to put a drag on global economic growth.

China's commerce ministry said in a statement that a working team led by Deputy US Trade Representative Jeffery Gerrish will come to China to have "positive and constructive discussions" with Chinese counterparts. "And if we don't, they're paying us tens of billions of dollars worth of tariffs - not the worst thing in the world".

The European Union filed its own challenged in the World Trade Organization in June against Chinese regulations the 28-nation trade bloc said hamper the ability of foreign companies to protect and profit from their own technology.

Chinese economic growth fell to a post-global crisis of 6.5 percent in the quarter ending in September.

The talks on January 7-8 will be the first face-to-face meeting between the two the countries over trade since Xi and Trump agreed a 90-day truce in Buenos Aires on December 1. Meanwhile, data released at the end of 2018 showed that manufacturing in China unexpectedly declined in December, for the first time in two and a half years.

While Trump and other officials have said talks between the two sides are progressing well, they have given few details on concessions that China has made.

Now China and the United States face a March deadline for talks to end the damaging trade war, or Washington could proceed with a sharp hike in USA tariffs and Beijing could retaliate.

In a separate statement on Friday, USTR said the delegation will also include Under Secretaries from the US Departments of Agriculture, Commerce, Energy and Treasury, as well as senior officials from those agencies and the White House. The shares closed at US$148.26 on Friday, down about 5.1 percent for the week. They complain China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

Since the Xi-Trump meeting, China has adopted several goodwill measures including cutting tariffs on vehicles imported from the USA, resuming the purchase of soya beans from the country and submitting a draft law to prohibit forced technology transfers.

Another 33 percent of companies said they plan to move out of China in the next six to 12 months, according to the UBS report.

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