US, China Talks Seen Offering Small-scale Market Access Deals

Some U.S. officials said China was likely to push to turn the 100-day plan into a year-long effort, partly because China is viewed as unlikely to launch bolder economic reforms before its 19th Party Congress, a once-in-five-years event to set leadership, takes place this fall.

"There is no limit to the growth of the Chinese market, and China-U.S. business cooperation holds out a promising future", he said.

Just before the CED, there were reports that the USA could further block imports of Chinese steel and aluminum due to China's act of "dumping".

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.

"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".


Wang said China had undertaken to allow broader market access and greater opening of the services sector, such as leaving only 63 industries under restriction in the guidance catalogue for foreign investment, 117 fewer than the 2011 edition, down 65 percent. "We haven't seen any significant opening up of the Chinese economy for years".

Wang said that China was ready to work with the U.S.to achieve win-win results for both sides.

So far, China has agreed to resume purchasing US beef after a 14-year hiatus and committed to buy USA liquefied natural gas and open some parts of its financial services markets, such as card payment services.

While Trump built a positive rapport with Xi during the April meeting at his Mar-a-Lago resort in Florida, there are signs of growing friction as the USA pushes China to reduce North Korea's nuclear threat.

In a move that threatened to raise tensions, Mnuchin last month took steps to penalize a Chinese bank, a Chinese shipping company and two Chinese citizens to reduce North Korea's access to the worldwide financial system.


The sanctions provoked a furious response from China, with a foreign ministry spokesman saying the measures violated understandings reached during the Mar-a-Lago meetings.

Some of these agreements are yet to be implemented, and there has been little evidence of progress on thornier issues, such as excess capacity in China's steel and aluminum sectors.

Wednesday's CED replaces the Strategic and Economic Dialogue, which was formalized during the Obama administration, and the longstanding Joint Commission on Commerce and Trade.

Ross downplayed any friction on Tuesday, saying the U.S.

"Our working relationship is better today than it has been in many decades", said Ross, who has conducted business in China for many years.



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