Published: Thu, July 20, 2017
Global Media | By Garry Long

Wang Yang calls for USA tech exports to China

Wang Yang calls for USA tech exports to China

China's top economic official said on Wednesday at the start of economic talks with the Trump administration it was important that Beijing and Washington work together to resolve their differences and cautioned that confrontation would only be damaging to both sides.

China has taken a variety of effective measures to provide a favorable environment for foreign investors, Chinese Vice Premier Wang Yang said on Tuesday.

At a business lunch on Tuesday, Mnuchin said he hoped China would lift foreign ownership restrictions in its financial services sector to allow more US participation and remove barriers to trade in its information and communication technology sector. 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 acknowledged that the dialogue has become more challenging as US and Chinese officials grapple with more sensitive issues.

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". -China Comprehensive Economic Dialogue, or CED, in Washington. The dialogue is one of the four major dialogue mechanisms the two sides established in April.

"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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The spokesman said there was no information on the cause of the cancellations. "This is a result of the greater opening of China's financial sector", Wang said. The nation should accelerate easing of restrictions and stake ownership requirements on foreign investment in areas ranging from nursery to e-commerce, and it should also pro-actively expand imports while stabilizing exports, looking into lowering tariffs for some consumer goods, he said.

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.

The CED is "different only in how it is packed", as every USA president likes to put his own stamp on how these dialogues are carried out, Anka Lee, senior director at Albright Stonebridge Group, said in an interview with Bloomberg Television.

Wang is scheduled to co-chair the first China-U.S.

US business executives have long expressed frustration with China on a wide swath of issues: intellectual property theft, a ballooning trade deficit, and hefty government subsidies that benefit Chinese companies.

"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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