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China's premier pledges open markets in an attempt to avoid trade war with US 7 Hours Ago | 00:49
Premier Li Keqiang said on Monday China and the United States should maintain negotiations and he reiterated pledges to ease access for American businesses, as China scrambles to avert a trade war.
Li told a conference that included global chief executives that China would treat foreign and domestic firms equally, would not force foreign firms to transfer technology and would strengthen intellectual property rights, repeating promises that have failed to placate Washington.
The United States asked China in a letter last week to cut a tariff on U.S. autos, buy more U.S.-made semiconductors and give U.S. firms greater access to the Chinese financial sector, the Wall Street Journal reported on Monday, citing unidentified sources.
Alarm over a possible trade war between the world's two largest economies has chilled financial markets as investors anticipated dire consequences should trade barriers go up due to President Donald Trump's bid to cut the U.S. deficit with China.
U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer listed steps they want China to take in a letter to Liu He, a newly appointed vice premier who oversees China's economy, the Journal said, quoting sources with knowledge of the matter.
Despite a steady stream of fierce rhetoric from Chinese state media lambasting the United States for being a "bully" and warning of retaliation, Chinese and U.S. officials are busy negotiating behind the scenes.
"With regard to trade imbalances, China and the United States should adopt a pragmatic and rational attitude, promote balancing through expansion of trade, and stick to negotiations to resolve differences and friction," Li told the conference in Beijing, state radio reported.
China has offered to buy more U.S. semiconductors by diverting some purchases from South Korea and Taiwan, the Financial Times reported, citing people briefed on the negotiations. China imported $2.6 billion of semiconductors from the United States last year.
Chinese officials are also working to finalize rules by May — instead of the end of June - to allow foreign financial groups to take majority stakes in Chinese securities firms, the Financial Times said. --if this majority stakes thing goes through that would be a huge + for America
always been a fantasy of anti-americans.
Nope not gonna happen. If America economy crashes, China fall will be greater.
