China say it won't submit to United States threats as trade talks begin

Glen Norman
May 3, 2018

However, a Chinese government official involved in the talks said that Beijing would not change its industrial policy or make major trade concessions despite United States pressure, according to the South China Morning Post.

The delegation, led by US Treasury Secretary Steven Mnuchin, was set to meet with US Ambassador to China Terry Branstad, followed by meetings with Chinese officials at the Diaoyutai state guesthouse on Thursday and Friday.

According to Camunez, the USA administration isn't projecting a coherent stance with a team of negotiators that includes trade hawks like Lighthizer and free trade advocates like Larry Kudlow, Trump's top economic adviser.

China won't succumb to "threats" from the USA, a senior government official said, hours before talks are set to begin Thursday with a delegation of the Trump administration's top trade policy officials.

The gathering comes months after US President Donald Trump sparked a series of tit-for-tat exchanges by threatening to impose huge tariffs on billions of dollars worth of goods, sparking fears of a potentially damaging trade war. "I look forward to being with President Xi in the not too distant future".

The spat intensified further after Washington banned American firms from selling parts and software to Chinese tech company ZTE Corp for seven years.

He also said that China and the United States will always have a great relationship.

"As long as the U.S. delegation is honest about maintaining the overall stability of China-U.S. economic and trade relations and an attitude of mutual respect, equal consultation and mutual benefits, the consultation will be constructive, she added". But foreign companies are unhappy over requirements that they share key details about their technology to Chinese partners.

The official China Daily said in an editorial China would "stand up to the U.S.' bullying as necessary".

"The gap is wide and deep between the Chinese economic model, based on strengthening state-owned and state-influenced enterprises characterised by government funding and domestic market protection, as opposed to the economic model of other major trading countries based on market forces", said William Zarit, chairman of the American Chamber of Commerce in China.

Treasury Secretary Steven Mnuchin is leading a delegation of USA officials.

The US is expected to raise concerns over its trade deficit with China, mandatory technology transfers and market access, while for Beijing, Washington's move to impose unilateral trade measures will be top of the agenda.

Asked about trade friction between the USA and China, ADB President Takehiko Nakao said Thursday that so far mounting friction has not measurably hurt that activity. The country spends more than $200 billion a year on foreign-made semiconductors, which in 2015 surpassed crude oil as the country's biggest import.

After meetings at the U.S. embassy, the Washington officials moved to the Diaoyutai State Guesthouse for talks with their Chinese counterparts, but the two sides have yet to release details of the negotiations.

A guide to the US-China trade talks: can the two squabbling powerhouses defuse the tension?

Asked about China's expectations from the talks, Hua said that it is in the best interests of the two countries to resolve their disputes.

Most of the team gathered at a hotel in central Beijing Thursday before heading to the U.S. embassy and on to talks at China's state guest house.

Chinese experts remain "cautiously optimistic" about the trade talks.

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