China open to talks: MOFCOM
White House measures a ‘bargaining chip:’ expert
China does not want to see worsening trade disputes with the US and has an open door to negotiations, a senior trade official said Thursday.
A working group of about 50 US officials arrived in China on Wednesday afternoon to consult Chinese officials regarding implementation of the joint statement on trade in the next few days, Gao Feng, spokesman of China’s Ministry of Commerce (MOFCOM), said at a press conference in Beijing.
A US delegation led by US Commerce Secretary Wilbur Ross will visit China on June 2-4 to consult with their Chinese counterparts on economic and trade issues, Xinhua News Agency reported on May 25.
“We have long believed that China and the US have a broad common interest and large scope for cooperation in trade and economic sectors,” Gao said, “and the two nations should seek common ground while reserving differences to achieve reciprocal results.”
On Tuesday Washington said it will impose a 25-percent tariff on $50 billion worth of products from China.
“To protect our national security, the US will implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology,” read a statement issued by the White House on Tuesday.
“The proposed investment restrictions and enhanced export controls will be announced by June 30.”
Gao said, “We have noticed such moves from the US, but the trade measures do not comply with WTO rules and the spirit.” China will carefully appraise the measures and their potential impact while reserving the right to take corresponding measures, he said.
Chen Fengying, an expert at the China Institutes of Contemporary International Relations, told the Global Times, “China did not abandon the joint statement on trade announced in Washington. China needs to increase imports while the US should also ease hightech exports.”
Chen said that the US was trying to pressure China with the trade measures, using them as a “bargaining chip.”
The Beijing meeting will convert the China-US consensus reached in Washington into practice, said Tu Xinquan, dean of the China Institute for WTO Studies at the University of International Business and Economics. The two sides will likely announce the intended size of the rise of Chinese imports, he believed.
Some procurement contracts from the Chinese government to buy US agricultural, oil and natural gas products may also be revealed, Tu told the Global Times.
Tu expressed concern that the US may raise new requirements during the consultations, “but the US demands should not go against WTO rules,” he said.