China and the United States should both make compromises and offer concessions in trade talks, Chinese Vice Commerce Minister Wang Shouwen said on Monday, Reuters reports.
Speaking at a news briefing on this week’s G20 summit in Japan, where Chinese and US presidents will meet to discuss trade issues, Wang talks between the two countries’ trade teams are underway.
China’s principles are clear – mutual respect, equality and mutual benefit and meeting each other halfway, he was quoted as saying in Beijing.
“Mutual respect means each side must respect the other’s sovereignty,” said Wang, who is part of China’s trade negotiating team with the United States.
“Equality and mutual benefit means the consultations have to happen on an equal basis, the agreement to be reached has to be beneficial for both sides,” he said.
“Meeting each other half way means both sides have to compromise and make concessions, not just one side.”
Wang declined to answer a question about what specific compromises Chinese President Xi Jinping may offer to win a trade deal with his US counterpart Donald Trump, Reuters said.
Chinese and US teams are making preparations for the Xi-Trump meeting in Osaka, Japan on the sidelines of the G20 summit, China’s Assistant Foreign Minister Zhang Jun told the same briefing.
China and the US are in the middle of a costly trade dispute and have slapped increasingly severe tariffs on each other’s imports. China has vowed to not give in on issues of principle nor under US pressure.
Trump has threatened to put tariffs on another US$325 billion of goods, covering nearly all the remaining Chinese imports into the US, including consumer products such as cellphones, computers and clothing.
Another problem is US sanctions on Chinese tech giant Huawei Technologies.
Rising protectionism has dampened global trade and poses a threat to the global economy, Wang said.
“We hope that the US can remove certain unilateral measures inappropriately taken against Chinese companies, in the spirit of free trade and the World Trade Organization.”
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