China hopes mutual respect will help reach deal to end US trade war

  • Minister signals desire for ‘healthy and stable’ relations ahead of Shanghai expo
  • Hopes rise after Donald Trump and Xi Jinping agree G20 meeting
PUBLISHED : Saturday, 03 November, 2018, 2:17pm
UPDATED : Saturday, 03 November, 2018, 10:51pm

China is willing to resolve its trade war with the United States through “mutually respectful talks” with both sides being treated on an equal footing, a senior Beijing official has said.

Wang Bingnan, the commerce vice-minister, was speaking after a recent telephone conversion between Donald Trump and his Chinese counterpart Xi Jinping, after which the US president said he was hopeful of reaching a “good deal”.

“China will jointly promote the healthy and stable development of China-US relations,” Wang told a press conference in Shanghai ahead of the China International Import Expo, a trade show that will run from Monday until Saturday.

Hopes that the two nations would calm down the escalating tensions between the two sides grew following the phone conversation between Xi and Trump on Thursday night, during which both leaders said they were willing to meet on the sidelines of the G20 summit in Argentina at the end of the month, but analysts warned a major breakthrough was unlikely.

Shanghai show will tell all the world that China is open for business

Markets have soared on reports that the two sides are closing in on a deal that would avoid further US tariffs on Chinese imports.

On Friday, Trump told journalists at the White House: “I think we will make a deal with China. I think a very good deal will be made with China.

“We are getting much closer to doing something. A lot of progress has been made.”

China is expected to use the Shanghai expo to signal its commitment to opening up its economy further.

Xi is expected to make a speech on Monday morning, when he may announce further reform measures.

US farmers say ‘so long’ to soybeans as Chinese demand slumps

The expo, which is expected to attract 3,000 companies from 130 countries and regions, also offers China a platform to increases its purchases of foreign goods and services.

“The expo has received a positive responses from US businesses,” Wang said, adding that 180 American companies including General Electric and Qualcomm would take part in the show.

The US is the third-largest exhibitor at the event in terms of the number of corporate participants, but the US government will not be represented.

China has mobilised 60,000 companies to buy imported goods ahead of the expo, as a way of promoting the allure of the country’s market.

Trump-Xi talks at G20 ‘unlikely to produce breakthroughs’

Business officials with European and American companies said that huge deals were likely to be secured during the event.

The European Union Chamber of Commerce in Shanghai said on Friday that deals already signed between the exhibitors and buyers would be announced during the event to ensure it received the maximum exposure.

Additional reporting by Agence France-Presse