China, US to dis­cuss eco­nomic is­sues

China Daily (Hong Kong) - - WORLD -

Pres­i­dent Don­ald Trump met on the side­lines of the G20 Sum­mit i n Ham­burg, Ger­many.

The di­a­logue will be co-chaired by Vice-Premier Wang Yang, US Trea­sury Sec­re­tary Steven Mnuchin and Sec­re­tary of Com­merce Wil­bur Ross, For­eign Min­istry spokesman Geng Shuang an­nounced on Tues­day.

In Ham­burg, Xi and Trump agreed to hold the eco­nomic di­a­logue on July 19.

They also de­cided to hold the first round of law en­force­ment and cy­ber­se­cu­rity di­a­logue, and so­cial and peo­pleto-peo­ple and cul­tural di­a­logues in the near fu­ture.

Xi told Trump that the 100Day Ac­tion Plan on China-US Eco­nomic Co­op­er­a­tion has made im­por­tant progress, and both sides are dis­cussing car­ry­ing out a one-year co­op­er­a­tion plan.

“The re­sults so far in the 100-day pro­gram to im­prove trade and in­vest­ment ap­pear to have been more con­struc­tive than many crit­ics ar­gued, and it is pos­si­ble there will be fur­ther progress at the CED on July 19,” said Dou­glas Paal, vice-pres­i­dent for stud­ies at the Carnegie En­dow­ment for In­ter­na­tional Peace.

In Bei­jing on Wed­nes­day, Geng said the two sides have vig­or­ously ad­vanced the 100Day ac­tion plan since the first meet­ing be­tween Xi and Trump in Florida in April.

“In early May, China and the US reaped a se­ries of early har­vests. To my knowl­edge, at present, the two sides are con­duct­ing con­sul­ta­tion on the fol­low-up out­comes of the 100-Day Ac­tion Plan with the ex­pec­ta­tion for more prac­ti­cal out­comes,” he said.

Re­sults-ori­ented ties

The US side has con­sis­tently em­pha­sized re­sults-ori­ented re­la­tion­ship. Cui Tiankai, Chi­nese am­bas­sador to the us, has said that Bei­jing does not op­pose the no­tion.

“But do we have a clear and shared un­der­stand­ing of what it is re­ally about? What should we do to­gether to achieve pos­i­tive re­sults in the in­ter­ests of our long-term re­la­tions?” he said in a speech to the sev­enth US-China Civil Strate­gic Di­a­logue in Wash­ing­ton on Tues­day.

“Are we fully aware of the risk of los­ing sight of the over­all di­rec­tion if we overem­pha­size spe­cific re­sults on spe­cific is­sues?”

While some in the Trump ad­min­is­tra­tion have crit­i­cized China’s high tar­iff bar­ri­ers, a re­port by Peter­son In­sti­tute for In­ter­na­tional Eco­nom­ics last month shows that China does not have the high­est tar­iffs among big coun­tries.

It says that while China’s weighted av­er­age ap­plied tar­iff rate is 3.4 per­cent, higher than the 1.6 per­cent for the US, Ger­many, Italy and the UK, it is lower com­pared with In­dia’s 6.3 per­cent and Brazil’s 8.3 per­cent.

Are we fully aware of the risk of los­ing sight of the over­all di­rec­tion if we overem­pha­size spe­cific re­sults on spe­cific is­sues?” Cui Tiankai, Chi­nese am­bas­sador to the US

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