Trade

Chinese vice foreign minister says progress made in trade talks with US

Key Points
  • China and the United States have achieved some progress in their trade talks, Vice Foreign Minister Le Yucheng said on Tuesday, and any problem could be resolved as long as both sides respected each other.
  • No country can prosper without working with other nations, Le said at the Xiangshan Forum in Beijing, which China styles as its answer to the annual Shangri-La Dialogue security forum in Singapore.
  • The world wants China and the United States to end their trade war, he said. That required openness rather than a "de-coupling" of countries or a new Cold War.
The flags of United States and China outside a commercial building in Beijing, China, on July 09, 2007.
Teh Eng Koon | AFP | Getty Images

China and the United States have achieved some progress in their trade talks, Vice Foreign Minister Le Yucheng said on Tuesday, and any problem could be resolved as long as both sides respected each other.

No country can prosper without working with other nations, Le said at the Xiangshan Forum in Beijing, which China styles as its answer to the annual Shangri-La Dialogue security forum in Singapore.

The world wants China and the United States to end their trade war, he said. That required openness rather than a "de-coupling" of countries or a new Cold War.

China has been nervous that the United States is seeking to sever, or at least severely curb, economic ties in what has been called a "de-coupling". Beijing fears that the Trump administration wants a complete separation with China.

The two countries have been working to resolve their trade dispute, with the United States announcing a "phase 1" deal with China on trade matters and suspending a scheduled tariff hike for October.

"As long as we respect each other and seek equal cooperation, there are no disagreements that cannot be resolved between China and the United States," Le said.

"What China wants is to deliver a better life for the Chinese people. We don't want to take anything from anyone else. There's no such thing as China replacing anyone or threatening anyone," he said.

China and the United States have accomplished much through cooperation over the years, Le said. "Why would we toss away the achievements of such cooperation?"

Next Article
Currencies

Yuan set to stay above 7 even if the US and China hammer out a trade deal

Key Points
  • The Chinese currency has weakened in recent months as trade tensions between Washington and Beijing intensified.
  • Stuart Oakley, global head of flow foreign exchange at Nomura, said he expects the yuan to be "stuck in a narrow range" until the first phase of the trade deal between Beijing and Washington is signed.
  • For the Chinese currency to strengthen to a level below 7-yuan-per-dollar again, the market will need to see signs that "the elimination of existing tariffs is being seriously discussed," according to Oakley.