State Department has 'real concerns' over Sino-US commercial ties
Piracy and 'unfair advantages' among stumbling blocks to Sino-US commercial ties, says Hormats
A senior US official yesterday expressed confidence in enhanced Sino-US economic co-operation after next month's presidential election but warned of "real concerns" from Washington over a host of problems.
US undersecretary of state Robert Hormats listed issues including the protection of intellectual property and the piracy of trade secrets as well as "unfair advantages" exploited by Chinese state firms as stumbling blocks in commercial ties. But he believed both sides would deal with the problems constructively.
"One of the things that has been very positive between our two countries is that there has been a strong bipartisan consensus in the US ... and I think there is a strong consensus among the leaders of China ... that the two sides need to work together on economic issues," he said when asked about the post-election environment.
He added: "We don't want a trade war with China - we don't think that China wants a trade war with the United States.
"Our two economies are very closely interlinked and ... given the huge amount of trade between our two countries, there are trade issues that go to the [World Trade Organisation], but they involve a relatively small amount of trade."
Hormats, undersecretary for economic growth, energy and the environment, spoke on the fringes of the International Monetary Fund and World Bank annual meetings in Tokyo.