China says trade talks with U.S. should be equal, mutually beneficial

The World Trade Organization headquarters are

The World Trade Organization headquarters are

Wang added the WTO should try to resolve a deadlock in appointments to its Appellate Body, which have been blocked by the United States which blames the dispute settlement body's judges for hampering a USA campaign against what it sees as unfair trade practices.

Wang said he hoped both sides could move in the same direction and find ways to resolve their problems.

Officials of both countries were in close contact, instructed by their leaders, he added.

Washington is demanding Beijing improve market access and intellectual-property protections for USA companies, cut industrial subsidies and slash a US$375-billion trade gap.

China and the United States have clashed about how the WTO should reform to better serve member interests, amid a widening trade dispute that has triggered billions in retaliatory tariffs and rocked global markets. US Vice President Mike Pence was provoked by this to say that he would have no qualms in doubling the tariffs on Chinese goods imposed into US.

Both sides have raised tariffs on billions of dollars of each other's goods in a fight over US complaints that Beijing steals or pressures companies to hand over technology.

Trump, on Thursday, told press reporters that China wants to make a deal very badly after his USA government has imposed tariffs on about $250 billion worth of Chinese goods, reported Bloomberg. China wants to make a deal.

The US wants the WTO to crack down on China's subsidies for state-backed enterprises, overcapacity in steel and other basic industries, and on the practice of forcing investors to hand over valuable technology.

The high-stakes meeting comes as the Trump administration shows little sign of backing down in its demands and rhetoric.

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He also said that he shares a great relationship with Xi.

China "hopes the Xi-Trump meeting goes smoothly", Vice Minister of Foreign Affairs Wang Chao said during the briefing.

On Tuesday, a top Chinese diplomat said an APEC summit's failure to agree on a communique resulted from certain countries "excusing" protectionism, a veiled criticism of Washington's tariffs.

The reforms should uphold core WTO values, ensure fairness and protect developing countries' interests, Wang said.

"China supports necessary reforms of the WTO to strengthen its authority and effectiveness", he said.

China rejected fresh US accusations of perpetuating "unfair" trade practices and urged Washington on Thursday to stop making provocations, showing little sign of backing down days ahead a high-stakes meeting between leaders from both countries. European Union officials say US levies on EU cars or auto parts on national security grounds would void a trans-Atlantic commercial truce.

Citing security concerns, the USA government on Monday also proposed stepping up scrutiny over technology exports in 14 key areas, including artificial intelligence and microprocessors, a move many analysts view as directly targeting China.

A 30-day public consultation period on the proposal to include those sectors in its broader export-control regime is under way and will end on December 19, according to a document published on the US government's Federal Register on Monday. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. This article is strictly for informational purposes only.

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