China denies Xi comments were aimed at settling U.S. trade dispute

China denies Xi comments were aimed at settling U.S. trade dispute

Pascal Lamy, former director-general of the World Trade Organization and Xiao's fellow panelist at Boao on Wednesday, said state capital accounts for about half of the Chinese economy, adding that such a ratio is "too large".

Oil advanced above $64 a barrel after Chinese President Xi Jinping's conciliatory tone in a closely watched speech raised hopes that US-China trade tensions may ease, lifting global risky assets. China was open to talks with the USA, but wouldn't initiate them under the current conditions, the person said, citing Liu.

Back in China, US companies still face many challenges.

Speaking at a business conference Tuesday, Xi didn't directly mention either Trump or the trade standoff with the United States.

U.S. Senator Marco Rubio, an influential Republican on Latin American issues who will be at the summit with U.S. Vice President Mike Pence, said he wants the United States to make it clear China's involvement in the region was unacceptable. Will China continue to befriend America when Trump is threatening a $1-trillion tariff? U.S. officials have long accused China of forcing United States companies to hand over technology, or stealing it outright, and of spurring massive industrial overcapacity, among other complaints.

China in a retaliatory measure, chose to impose additional tariff of 25 per cent on 106 products under 14 categories worth US$ 50 billion.

Meanwhile, U.S. President Donald Trump told reporters on Thursday that talks between Beijing and Washington had been positive: "We're doing really well with China".

President Trump points out that cost to import an American auto into China is taxed 25 percent, whereas the cost to import a Chinese vehicle to America is only a tenth of that, costing only 2.5 percent. That leaves time for the two countries to negotiate. These cars and phones did not show up as USA exports to China, as they were made and sold in China.

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Later in the trading session in New York, Trump said via Twitter that he was "Very thankful for President Xi of China's kind words regarding tariffs and automobile barriers". "We have a genuine desire to increase imports and achieve a greater balance of worldwide payments". After all, he got South Korea to renegotiate a free-trade agreement by saying the USA might withdraw.

As seen in the chart below from Westpac Bank, China's trade surplus with the United States has ballooned over the past decade as exports to the U.S. grew substantially faster than imports heading in the other direction.

"Stronger IPR protection is the requirement of foreign enterprises, and even more so of Chinese enterprises", Xi said.

He added: "Up to now China and the U.S. has not carried out negotiation at any level on the trade frictions". -China dialogues. In 2010 and 2012, for instance, China declared that foreign companies were free to decide for themselves when to share technology with Chinese partners or other businesses. "Also, his enlightenment on intellectual property and technology transfers". When the Trump administration outlined $50 billion of imports from China that would be subject to a 25 percent tariff, China quickly responded with its own list including soy beans and aircraft.

Technology companies have made some of the biggest swings on the market during the trade spat.

The naval drills - held near China's South China Sea island province of Hainan involved 48 warships, 76 fighter jets and 10,000 sailors, reports the BBC.

The two sides should both refrain from taking further actions to force the others to give in, as this could heighten risk of policy mistakes.

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