- Ministry of Commerce report offers deficit-reducing measures
- China could import more agricultural, high-tech goods
China has drawn up a list of concessions it says can help deliver a “win-win” trade relationship with the U.S.
The government wants to beef up infrastructure cooperation with the U.S. and accept greater imports of goods ranging from soybeans to aircraft, according to a 117-page document released by the Ministry of Commerce on Thursday. The report also recognizes the Trump administration’s grievances with China and globalization, urging “balanced development” of ties from now on.
A deal earlier this month to promote Chinese access for U.S. natural gas, financial services and beef was hailed as an “early harvest” in a 100-day review of the bilateral trade relationship — characterized by a 2016 U.S. deficit of $347 billion — that’s due to wrap up in July. Thursday’s report could yield a further thaw in links between the two, which had been tested by the China-baiting stance taken by President Trump during his election campaign.
“China would like to further increase imports of agricultural products such as soybeans and cotton from the U.S. and speed up negotiations with the U.S. on terms regarding traceability and inspection and quarantine for U.S. beef to enter China, which will benefit 6 million American farmers,” the report said. “China will increase imports of advanced manufactured goods such as aircraft, integrated circuits and machine tools.”
The paper entitled “Research Report on China-U.S. Economic and Trade Relations” uses statistics and case studies to trace the history of trading relations and defend the current World Trade Organization-based system. It could also be seen as China showing its hand to the Trump administration for a more predictable and stable negotiation environment.
“We have never seen such moves before,” said Tu Xinquan, dean…