Frost thaws in US-China ties ahead of G20 meeting

Frost thaws in US-China ties ahead of G20 meeting

Frost thaws in US-China ties ahead of G20 meeting

While the American President has floated the possibility of a deal when he meets his Chinese counterpart, Xi Jinping, in coming weeks, the two countries remain far apart on everything from market access to government support for state-run enterprises.

"At the moment, the lack of internal reform, plus the external pressure made by the Trump administration and the trade dispute behind the US and China may put on hold further investment from European countries into Chinese markets", D'Andrea said.

The ministry said at a CIIE press conference that the number of companies from Belt and Road countries accounts for almost one third of all firms attending the expo.

If Chinese President Xi Jinping is getting ready to make big concessions to the USA, his much anticipated speech at a Shanghai trade fair didn't show it. "That is why we're delighted that some 180 Australian businesses and brands are participating", said Australian Minister for Trade, Tourism and Investment Simon Birmingham.

"I would like to encourage more firms to establish joint ventures with Kenyan entrepreneurs and to increase the content of locally produced goods and services in their projects and industries", he said in Shanghai where he gave a keynote address at the inaugural China International Import Expo.

Meanwhile, he seeks to protect foreign companies' interests and enhance punitive enforcement for infractions of intellectual property rights.

Xi vowed at the opening of a new import fair in Shanghai on Monday that China had a "sincere commitment" to open its markets, despite foreign accusations that it was dragging its feet or backsliding amid calls to remove barriers to market access.

India too has been pressuring China to take measures to bring down over United States dollars 51 billion annual trade deficit, which was one of the main focus areas in the first informal meeting between Prime Minister Narendra Modi and President Xi at Wuhan Summit in April. "Trade is to communicate.nobody can stop free trade".

China imported $1.84 trillion of goods in 2017, up 16 percent, or $255 billion, from a year earlier.

Ma, the billionaire owner of China's largest online shopping portal, made the headline-grabbing job-creation promise to Trump previous year, when Beijing was still courting the then-newly elected president.

"The last four decades of reform and opening up have been an epic journey for the Chinese people [.] China has grown by embracing the world and the world has benefited from China's opening up", Xi said.

"The Chinese economy is a sea, not a pond". China will also open more pilot free trade zones, including one with Japan and South Korea.

The Chinese government's top diplomat, State Councillor Wang Yi, said in March that China would import $8 trillion of goods in the next five years.

Some Western diplomats and businesses have been quietly critical of the expo, arguing it is window dressing to what they see as Beijing's long-standing trade abuses.

China marks the 40th anniversary of reform and opening up this year.

Related news