China and the United States confirm economic cooperation plan to relax the demand for high-tech exports to China

Abstract "The atmosphere of this round of dialogue is very frank, friendly and constructive. The two sides have conducted a candid and factual analysis on the issues in the Sino-US trade structure." Chinese Vice Minister of Finance Zhu Guangyao said in Washington on the 19th, "the two sides are unanimous. I believe that the solution to the trade imbalance between China and the United States...
"The atmosphere of this round of dialogue is very frank, friendly and constructive. The two sides have conducted a candid and factual analysis on the issues in the Sino-US trade structure." Chinese Vice Minister of Finance Zhu Guangyao said in Washington on the 19th, "the two sides agreed that The solution to the trade imbalance between China and the United States is not that the United States reduces imports from China, but that the United States increases its exports to China."
After the first round of the China-US Comprehensive Economic Dialogue (hereinafter referred to as "CED") was closed in Washington on the same day, Zhu Guangyao said at a briefing that the two sides confirmed the one-year plan for China-US economic cooperation, which established macroeconomic policies, trade, In the four major areas of cooperation, investment, global economy and global economic governance, the two teams will prepare for the one-year plan after the meeting and look forward to the early results.
The solution to the trade imbalance is that the United States increases its exports to China. According to the current US Bureau of Statistics, the US trade deficit with China in commodity trade in 2016 was 347 billion US dollars (about 2.36 trillion yuan), accounting for its overall deficit. According to the National Bureau of Statistics, the Chinese data is that China’s exports to the United States in 2016 were 25,415 billion yuan (about 376.854 billion US dollars), and the import value was 888.7 billion yuan (about 131.776 billion US dollars).
After the meeting, Zhu Guangyao said that China’s policy is very clear and we do not pursue a trade surplus. In recent years, China has promoted the reform of the supply-side structure. In the first half of this year, the balance of payments surplus has narrowed to less than 1%, and it is believed that it will not exceed 1.5% for the whole year.
As for the trade between China and the United States, the surplus is the commodity part, and China has a large deficit with the United States in terms of service trade. He said that in this dialogue, the two sides have frankly and realistically analyzed the problems in the Sino-US trade structure and agreed that to solve the problem of Sino-US trade imbalance, the US side is not to stop or reduce imports from China, but to Make trade more balanced by increasing exports to China.
Zhu Guangyao also pointed out that the Chinese side proposed that the US should relax its exports of high-tech products to China. With the strengthening of mutual understanding and mutual trust, some control systems have become obsolete. I hope that the Trump administration can handle the adjustment of export control of high-tech products to China with the concept and thinking of being more open and making China-US relations more integrated.
"China will include this in the Chinese appeal of the one-year economic cooperation plan." Zhu Guangyao said.
Earlier, Vice Premier Wang Yang of the State Council pointed out at a welcome luncheon on the 18th that American companies did not get the "cakes" they deserved due to the old export control regulations and policies of the United States. According to the report of the Carnegie Endowment for International Peace in April this year, if the United States reduces its export control to China to the level of Brazil, the trade deficit with China can be reduced by up to 24%; if it falls to the level of France, it can be reduced at most. 34%.
The US-China Trade Commission expects that US exports of goods and services to China will double in the next 10 years, reaching $369 billion, and will increase to $520 billion by 2050. Wang Yang said that he believes that any forward-looking enterprise will attach importance to such a huge market; any government that has a role in doing so will attach importance to cooperation with China.
Understanding US BIT Review US Secretary of Commerce Ross is calling for Sino-US governance trade imbalances, while US Treasury Secretary Mnuchin’s focus is on investment market access.
This time, Nunchin once again expressed the hope that American companies in China can enjoy the same access treatment of Chinese enterprises in the United States and hope that China will further open its financial sector.
The "China-US Bilateral Investment Research Project Report" issued by Rongding Group and the US-China National Relations Committee showed that the rapid growth of bilateral direct investment in China and the United States in 2016 was driven by China's investment in the United States. China invested more than 460 in the United States that year. The US$100 million is about three times that of 2015; at the same time, there is no significant increase in US direct investment in China.
Zhu Guangyao said that the Trump administration will review all multilateral and bilateral agreements after the government is in power. The Chinese side understands this, but the Chinese and American business circles, especially the American business community, are increasingly calling for the early signing of China-US BIT. The higher. He believes that under the common interests of both sides, Sino-US investment relations will become closer and closer.
Earlier on the 18th, Wang Yang pointed out that China promised to relax market access and expand the service industry. In the Sino-US BIT negotiations, China has agreed to further expand its openness in the fields of banking, securities, insurance, telecommunications, culture, internet, and automobiles.

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