China trade talks extended, 'going very well'

China trade talks extended, 'going very well'

The US China Business Council, a group representing American companies doing business in China, applauded the "substantive discussions" over the past three days, but urged the two governments to make tangible progress on achieving equal treatment of foreign companies in China and changes to policies aimed at technology transfer.

"If it is immediately after these talks, it really means that something executable is going to happen; if it is next month or so, then you have a feeling that things are not really that executable for the moment".

Stocks rallied globally on the positive tone of the talks and optimism that Washington and Beijing can avert an all-out trade war.

The U.S. economy grew at an annual rate of 3.4 percent in the third quarter, and unemployment is at a five-decade low.

The global economy has been suffering from the chilling effect of a trade war between the world's two largest economies.

"It's been a good one for us", he told reporters at the delegation's hotel, without elaborating.

Foreign Ministry spokesperson Lu Kang at a daily news briefing on January 9, 2019.

No schedule for further face-to-face negotiations was released after the talks, and USTR said the American delegation was returning to Washington to report on the meetings and "to receive guidance on the next steps", USTR said.

Negotiators appeared to make more progress on areas such as plans by China to step up purchases of American exports, while giving USA companies greater access to its market in order to build confidence between the two sides after months of bitter confrontation.

The chief obstacle to any deal remains the "Made in China 2025" program to accelerate China's competitiveness in key high-tech industries such as semi-conductors, commercial aircraft and electric cars. China retaliated with tariffs of its own.

For its part, China said the meetings were " extensive, in-depth and detailed", and laid the foundation for a resolution of the conflict. China responded by imposing penalties on $110 billion of American goods, slowing customs clearance for USA companies and suspending issuing licenses in finance and other businesses. Apple Inc. cut its revenue outlook last week as sales of the iPhone were slower than expected in China, while data on factory activity and retail sales in the Asian nation were also weak.

A range of Fed policymakers said last month they could be patient about future interest rate increases and a few did not support the central bank's rate increase that month, minutes from their December 18-19 policy meeting showed.

But much work remains before the two economic powers climb down. Chinese traders and refiners are still cautious about buying USA crude until the trade problems between the world's two biggest economies are resolved, but if they are, chances are US crude exports would get an additional boost.

The Dow Jones Industrial Average (.DJI) rose 91.67 points, or 0.39 percent, to close at 23,879.12, the S&P 500 (.SPX) gained 10.55 points, or 0.41 percent, to end at 2,584.96 and the Nasdaq Composite (.IXIC) added 60.08 points, or 0.87 percent, to finish at 6,957.08.

The truce came after both sides imposed several rounds of tariffs in 2018.

The Chinese responded by slapping tariffs of $110bn worth of USA goods.

China's foreign ministry on Monday confirmed that Wang would deliver a keynote speech at Davos, though didn't confirm any plans for him to meet Trump. But neither side appears to have budged, and economists say three months is too little time to resolve issues that have disrupted U.S.

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