Sino-US deal eases ac­cess to mar­kets

China Daily European Weekly - - NEWS DIGEST -

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.

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