BEIJING: China and the United States should be willing to make compromises in trade talks and not insist only on what each side wants, Chinese Vice Commerce Minister Wang Shouwen said on Monday.
Discussions between the Chinese and U.S. trade teams are underway, Wang told a media briefing, without disclosing how or where the talks were taking place.
China and the United States last week said they were reviving talks ahead of this week’s meeting between presidents Donald Trump and Xi Jinping, cheering financial markets hoping for a de-escalation in a trade war that is damaging the global economy.
Talks to reach a broad trade deal broke down last month after U.S. officials accused China of backing away from previously agreed commitments.
Xi will meet Trump at the G20 summit in the Japanese city of Osaka at the end of the week.
Both the Chinese and U.S. teams are making preparations for the Xi-Trump meeting, said China’s Assistant Minister of Foreign Affairs Zhang Jun at the briefing.
China has vowed to not give in on issues of principle nor under U.S. pressure.
Trump has threatened to put tariffs on another $325 billion of goods, covering nearly all the remaining Chinese imports into the United States, including consumer products such as cellphones, computers and clothing.
The policy room for countries to cope with an economic slowdown is limited, said deputy governor of China’s central bank Chen Yulu, who was also present at the briefing.
Tariffs imposed by certain countries are a threat to the world economy, Wang said.
The Trump administration has accused China of failing to protect intellectual property rights, forced technology transfers and of failing to provide a level playing field for U.S. companies.
China has repeatedly promised to open its market wider to foreign investors and provide them with better services and treatment. China has also denied accusations of failing to protect intellectual property rights or of forcing foreign companies to transfer technology.
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KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) is likely to test the 1,700-level next week, tracking the positive performance of global equity markets, driven mainly by dovish US Federal Reserve (Fed) sentiment, said Phillip Capital Management.
Asia-Pacific senior vice president (investment) Datuk Dr Nazri Khan Adam Khan said the US equities market ongoing uptrend is a reflection of the Fed’s statements, which is done to create balance ahead of the US-China trade deal discussion, scheduled to take place during the G20 Summit later this month.
“Developments by the Fed have also caused the US government bond yields to reach their lowest level seen since the past three years while the dollar continues its decline.
“We believe with increasing uncertainties towards the global economic outlook, investors are hopeful for a rate cut to follow through next month,” he told Bernama.
Technically, the encouraging momentum over the last one week had sent the FBM KLCI above the medium-term downtrend line.
This reflected positive continuation of the bullish bias since the index rebounded firmly above the 50-day moving average line last month, while the “positive divergence” pattern suggested a change of trend from downside towards upside, he said.
Nazri Khan also said the recent bullish run spread to commodities whereby the energy sector was the best performer in the S&P 500 Index as it observed Brent crude rise a whopping 3.6% – one of its best performance of the year.
The huge leap in the black gold’s value came after Iran’s reported shot down of a US surveillance drone which exacerbates tension between the two countries.
Bursa Malaysia traded on cautious mode earlier in the week as investors adopted a wait-and-see attitude for the Fed’s interest rate cut and subsequently climbed as the Fed kept its interest rate unchanged.
Investors believed a rate cut would happen sooner rather than later.
The Bank of Japan also followed the Fed’s step to maintain status quo on its interest rate but the Japanese central bank said it could combine interest rate cuts with bigger asset buying if needed to keep the economy on track (to achieve its two per cent inflation target).
Bursa Malaysia’s positive market sentiment was also boosted by the announcement from US President Donald Trump that he would soon meet Chinese President Xi Jinping to discuss ways to ease their trade tensions.
On a Friday-to-Friday basis, the benchmark FBM KLCI surged 43.60 points to 1,682.23, hitting a more than a four-month high.
The FBM Emas Index jumped 284.86 points to 11,849.51, the FBMT 100 Index advanced 263.59 points to 11,704.01 and the FBM Emas Syariah Index jumped 422.18 points to 12,210.42.
The FBM Ace Index added 9.80 points to 4,397.34 and the FBM 70 rose 318.07 points to 14,699.1.
Sector-wise, the Financial Services Index put on 15.09 points to 16,746.56, the Plantation Index bagged 148.46 points to 7,019.54 and the Industrial Products and Services Index inched up 1.77 points to 162.12.
Weekly turnover increased to 10.56 billion units worth RM10.81 billion from 10.07 billion units valued at RM9.07 billion recorded last week.
Main Market volume fell to 6.14 billion shares worth RM9.58 billion versus 6.32 billion shares valued at RM8.11 billion.
Warrants turnover eased to 2.11 billion units worth RM584.28 million against 2.29 billion units valued at RM500.22 million.
The ACE Market volume soared to 1.84 billion shares worth RM633.37 million compared with 1.45 billion shares valued at RM455.11 million. — Bernama
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