China says it will work to reach “phase 1” pact
Print Edition
CHINA will strive to reach an initial trade agreement with the United States as both sides keep communication channels open, the Chinese commerce ministry said yesterday.
China is ready to work with the US side to properly address each other’s core concerns on the basis of equality and mutual respect and strive to reach a “phase one” deal, which serves the interests of both countries and the rest of the world, MOC spokesperson Gao Feng told a press conference.
He said the two sides will maintain close contact and communication.
Gao, when asked about sticking points and whether they were related to Washington’s demand for China to buy more US farm goods and the tariff rollbacks, said he did not have more information to disclose beyond the fact that both parties would continue to communicate, and “outside rumors are not accurate.”
In Beijing on Wednesday, Chinese Vice Premier Liu He said he was “cautiously optimistic” on a phase one deal, Bloomberg News said, citing people who attended the event ahead of a forum organized by Bloomberg LP.
Liu, China’s chief negotiator at the trade talks, separately told one of the attendees that he was confident the first phase of a deal could be completed, Bloomberg added.
Negotiators from China and the US held phone talks last Saturday during which they discussed each other’s core concerns as they move toward a deal.
A former vice Chinese commerce minister told Reuters that both sides should return to the time when the trade war first started.
“We should return to the point of origin and cancel all tariffs,” Wei Jianguo said.
Wei said he was hopeful for a phase one pact, in light of the pressure on both the US and Chinese economies as the trade war dragged on.
“Now, Trump himself is cognizant about the needs of the (upcoming US) elections, and the US economy has also suffered great losses,” he said. “Under such circumstances, it is entirely possible to reach a phased agreement.”
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