Chinese state assets watchdog discusses ways to boost cooperation with US firms ahead of next round of trade talks
- Regulator discusses ways state-owned companies can work with American business in meeting with General Electric chief Larry Culp
- US demands for change to role of SOEs in Chinese economy expected to feature prominently in latest round of trade negotiations
China’s state assets regulator has discussed the possibility of cooperation between US firms and state-owned enterprises in a meeting with the visiting head of an American multinational corporation.
Hao Peng, who was appointed the director of the State-owned Assets Supervision and Administration Commission in May, met Larry Culp, the chief executive of General Electric, on Monday to discuss ways of “deepening pragmatic cooperation”, according to a statement on the regulator’s website.
It said they also explored ways that GE and Chinese state firms could jointly participate in the Belt and Road Initiative, China’s flagship transcontinental infrastructure scheme.
The meeting came ahead of the next round of trade talks between Washington and Beijing, where US demands for changes to China’s economy, including reducing the privileges afforded to SOEs, are expected to feature prominently.
Hao said the meeting between Xi Jinping and Donald Trump in Osaka last month – where they agreed a trade truce to revive talks that stalled in May – has set the direction for cooperation between China’s state firms and American companies.