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Beijing outlines potential trade concessions to Washington – Report

Beijing outlines potential trade concessions to Washington – Report

Mubasher: Chinese officials have outlined a raft of possible concessions to the US administration as they continue to seek a resolution to the trade conflict between the two countries, according to a news report.

In the meantime, the commitments failed to address major structural reforms which have been demanded by US President Donald Trump, Bloomberg News reported, citing two sources familiar with the discussions.

Accordingly, this raised doubts over how substantive an agreement Trump could make with his Chinese counterpart Xi Jinping when they meet later this month on the sidelines of the Group of 20 (G20) summit in Buenos Aires, Argentina.

Most of the list seemed to be a repetition of previous changes made by China, such as raising equity caps on foreign investment in certain industries, one source said.

The concessions did not include the type of commitment to change industrial policies such as “Made in China 2025” sought by the White House.

However, Beijing’s offer provided an indication of constructive discussions between the world’s two largest economies ahead of the Trump-Xi meeting, two sources said.

The report came after Treasury Secretary Steven Mnuchin and the Chinese president’s main economic emissary Liu He spoke last week for the first time since months.

This was followed by lower-profile discussions, while head of National Economic Council Larry Kudlow said on Tuesday that the two sides are engaged in talks “at all levels.”