Sino-US deal eases access to markets
China and the United States have reached a newdeal that will ease market access in the areas of agriculture, financial services and energy, marking both sides’ willingness to advance the trade relationship and alleviating fears of a trade war between the world’s two largest economies. Under the agreement, China agreed to resume imports of US beef by July 16. In return, the US agreed to open its market to Chinese cooked poultry. In financial services, China pledged to grant market access to US credit rating agencies and credit card companies and agreed to issue licenses to “two qualified US financial institutions” for the interbank bond underwriting and settlement business. Other agreements included the US easing restriction on liquid natural gas exports to China, the expediting of Chinese approval of US genetically modified products, and cooperation between Chinese and US financial regulators over cross-border settlements and transactions.