China-US trade talks have laid foundation for a deal, ministry says

What hope for markets in the US-China trade talks?

In a statement released on Thursday, China's Commerce Ministry said the country had concluded their trade talks with the US and the talks were extensive, . while establishing a foundation to resolve both sides' concerns.

Both sides have actively implemented the significant consensus reached by the leaders of the two countries and conducted extensive, in-depth and detailed exchanges on trade and structural issues of common concern, said the statement.

It's a tight window in which to nail down deep changes to China's economic model, some of which past USA administrations advocated for years and US lawmakers on both sides of the aisle support.

U.S. officials visited Beijing from Monday to Wednesday for the first sit-down talks since President Donald Trump and Chinese leader Xi Jinping agreed on December 1 to a three-month truce in the escalating spat.

"If the results of the talks are positive, it would be beneficial for both China and the U.S. and also a good news for the global economy", he added.

USA stocks opened higher on hopes of progress toward a deal to avert an all-out trade war between the world's two largest economies, but pared gains slightly after the USTR statement was released.

Officials say talks are expected to deliver specific commitments to expand market access for USA in China, improve protection of intellectual property rights (IPR) and reduce the trade surplus with the U.S., but it would take time to reform state-owned firms another major source of friction. Investors were encouraged that talks planned for two days were extended to three.

People familiar with the U.S.

The talks "improved mutual understanding and laid a foundation for resolving issues of mutual concern", the ministry said.

Trump has been demanding China to drastically reduce the Dollars 375 billion trade deficit and ensure IPR production for United States technology and services.

The latest round of talks marked the first face-to-face assembly between Washington and Beijing since President Donald Trump and his Chinese counterpart, Xi Jinping, agreed to a 90-day financial truce at the G20 summit in early December. The council and other USA business groups have pressed for a resolution to the trade hostilities between the world's two biggest economies. The S&P 500 Index has fallen about 7 percent since Trump and Xi agreed on a 90-day truce at their meeting in Argentina last month.

"The U.S. feels uncomfortable with China's rapid development, and can't adapt to its own declining influence", wrote Chen Yonglong in the state-run China Daily".

Washington has been clamouring for an end to the forced transfer - and even theft - of American technology and intellectual property, as well as steep government subsidies for Chinese companies.

The US imposed tariffs on more than $250bn (£195.6bn) worth of Chinese goods, with the threat of more to come.

After that meeting, top USA officials said China had made an additional $1.2 trillion in trade commitments.



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