China-US economic cooperation on right course: Chinese vice premier

Chinese President Xi Jinping attends a news conference at the Chancellery in Berlin Germany

Chinese President Xi Jinping attends a news conference at the Chancellery in Berlin Germany

U.S. and Chinese delegations participating in an annual economic dialogue on Wednesday have both canceled news conferences scheduled for late afternoon following the conclusion of the talks, a U.S. Treasury spokesman said.

Treasury Secretary Steven Mnuchin said he hopes China will lift foreign ownership restrictions in its financial services sector to allow more United States participation, and remove barriers to trade in its information and communication technology sector, Reuters reports. China re-opened its markets to US beef as a result, and pledged to buy American liquefied natural gas and give USA firms greater access to its financial services sector.

Ross spoke at the gathering along with U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Wang Yang, a day before the U.S.

Ross said some initial deals announced in April, as part of a 100-day economic plan aimed at reducing the USA trade deficit with China, were a "good start". His administration is also weighing steps to cut steel imports, blaming China's overcapacity for creating global gluts.

The business lunch attended by US and Chinese business leaders comes as the USA considers new tariffs on Chinese steel and new calls for the Chinese government to put pressure on North Korea over its nuclear program. "The giant ship of China-US economic and trade relations is sailing on the right course", Wang said.

"It means addressing the imbalances caused by the Chinese intervention in its economy", he said, adding that "a more balanced economic relationship will create prosperity for our two countries and the world".

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Allowing such sales to China will help reduce the United States trade deficit, Wang said, noting that China imported US$227 billion worth of integrated circuits past year, but only 4 percent of that came from the US.

Prasad said the United States would be better served by focusing less on near-term steps but pushing China for bigger reforms such as opening major portions of its services sector to US competition, relaxing corporate ownership rules, reducing subsidies for state-owned enterprises and clamping down on intellectual property theft.

At Mar-a-Lago, the two sides established a four-track comprehensive dialogue mechanism and agreed to work on a 100-Day Action Plan, which was due on July 16.

"China's development and progress is a long-term certainty, which offers the most important external environment for foreign businesses to work with China", Wang said.

Xi said China is going to open up more to foreign investors in a meeting with his financial lieutenants on Monday, according to national broadcaster China Central Television.

Noting that two USA financial institutions have just gained licenses to conduct bond underwriting and settlement businesses in China's interbank bond market, he said: "This is a result of the greater opening of China's financial sector". But he said the two countries have "shared objectives".