China says Xi-Trump phone call 'extremely positive'

China's economy is being damaged by its trade war with the US and a domestic debt cleanup

China's economy is being damaged by its trade war with the US and a domestic debt cleanup

White House economic adviser Larry Kudlow said the administration wasn't making any unusual preparations for the G-20 meeting in an interview with CNBC Friday afternoon.

Analysts said Trump could be simply trying to sooth investors and boost the stock market in the run up to the midterm elections by teasing a deal.

"They want to make a deal so badly".

Several heavyweight conglomerates also gained points, with Hon Hai Precision Industry Co. earning 1.3 percent, Taiwan Semiconductor Manufacturing Co. rising 0.2 percent and Korean tech giant Samsung Electronics Co Ltd also strengthening 3.2 percent. "We have the capability and the wisdom to overcome barriers and push China-U.S. relations back to a normal track - this isn't just beneficial for both countries, but also the world".

China and the United States are locked in an increasingly bitter trade war.

Trump has asked key Cabinet secretaries to have their staff begin drafting potential terms of a deal to stop the escalating trade dispute with Beijing, four people familiar with the matter said.

Gains were also fuelled by Chinese president Xi Jinping's promise to support private investment on Thursday.

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President Trump has made very clear to China that they must change their "unfair" trade practices including theft of USA intellectual property.

A Justice Department indictment targeted two companies based in China and Taiwan and three individuals, saying they conspired to steal trade secrets from United States semiconductor company Micron Technology Inc.

China has repeatedly questioned the US's sincerity in trade talks, wary of agreeing to something only to have Trump change his mind.

Trump said he plans to meet and have dinner with Xi on the sidelines of a Group of 20 summit slated for November 30 to December 1 in Argentina. The U.S. has slapped tariffs on billion of dollars worth of Chinese imports. Ten percent tariffs on US$200 billion in imports that took effect in September are due to increase to 25% on Jan 1.

A key point of contention for the U.S. has been its allegations that China has engaged in widespread intellectual property theft.

Attorney General Jeff Sessions, center, announces the creation of a new initiative to crack down on Chinese intelligence officials pilfering intellectual property from US corporations during a press conference in Washington, Nov. 1, 2018. If you look at their economy, the Chinese economy is not doing well.

On Friday, Trump expressed confidence he can reach an end to the ongoing trade war with China, he says the protracted trade negotiations will soon come to a head when the two powers meet.

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