Archive for ‘U.S. Treasury Secretary’

23/11/2019

Xi Focus: Xi says Chinese dream by no means hegemonistic

CHINA-BEIJING-XI JINPING-NEW ECONOMY FORUM-MEETING (CN)

Chinese President Xi Jinping poses for a group photo with foreign delegates attending the 2019 New Economy Forum before meeting with them at the Great Hall of the People in Beijing, capital of China, Nov. 22, 2019. (Xinhua/Huang Jingwen)

BEIJING, Nov. 22 (Xinhua) — Chinese President Xi Jinping said on Friday realizing the Chinese dream of national rejuvenation is by no means to seek hegemony.

Saying he has full confidence in China’s prospects for development, Xi noted China does not intend to replace any power, rather, its aim is to “regain the dignity and status it deserves.”

The president made the remarks when meeting with foreign delegates attending the 2019 New Economy Forum held in Beijing.

China, with a 5,000-year-old history of civilization, is home to the four great inventions that had contributed tremendously to the progress of human civilization. The country had become a semi-colonial and semi-feudal society since the Opium Wars, but the Chinese people had never yielded and spared no effort in seeking a path to national rejuvenation, Xi stressed.

Earth-shattering changes have taken place since the founding of the People’s Republic of China 70 years ago, and the humiliating history of China as a semi-colonial and semi-feudal country will never be repeated, he said.

“The fundamental reason is that we have found a correct path that suits China’s national conditions, conforms to the trends of the times and enjoys the support of the people. The path is socialism with Chinese characteristics,” Xi said.

With full confidence, the Chinese people will unswervingly follow this path, he added.

Xi noted that innovation is a major theme of the current times, as the world is undergoing changes rarely seen in a century, featuring a new round of technological revolution and rapid industrial transformation.

The common challenges facing humanity call for concerted efforts of all countries. No country can become an independent innovation center or enjoy fruits of innovation alone, Xi said. “Innovation should benefit the world rather than being encaved.”

He said China is willing to carry out cooperation in innovation with other countries including the United States, so as to better benefit the people of the two countries and the world.

Despite great achievements, China will continue to adhere to the traditional concept of “harmony in diversity,” stick to the path of peaceful development, and strive for mutually beneficial cooperation with other countries, Xi told the foreign delegates.

China will stick to the reform and opening-up through bold innovations and with a manner of “feeling the rocks on the riverbed when crossing the river,” he said.

“The more resistance we are confronted with, the more determined we will be to open up,” Xi said. “I have full confidence in China’s prospects of development.”

During the meeting, former U.S. Secretary of State Henry Kissinger, former U.S. Treasury Secretary Henry Paulson, Egyptian Tourism Minister Dalia al-Mashat, former Japanese Foreign Minister Yoriko Kawaguchi, and Credit Suisse Group AG CEO Tidjane Thiam exchanged views, and expressed their support for innovation cooperation.

The 2019 New Economy Forum, which focused on development trends and social impacts of innovation, gathered more than 500 delegates from more than 60 countries around the world.

Source: Xinhua

08/05/2019

Exclusive: China backtracked on nearly all aspects of U.S. trade deal – sources

The document was riddled with reversals by China that undermined core U.S. demands, the sources told Reuters.

In each of the seven chapters of the draft trade deal, China had deleted its commitments to change laws to resolve core complaints that caused the United States to launch a trade war: theft of U.S. intellectual property and trade secrets; forced technology transfers; competition policy; access to financial services; and currency manipulation.

U.S. President Donald Trump responded in a tweet on Sunday vowing to raise tariffs on $200 billion (153 billion pounds) worth of Chinese goods from 10 to 25 percent on Friday – timed to land in the middle of a scheduled visit by China’s Vice Premier Liu He to Washington to continue trade talks.

The stripping of binding legal language from the draft struck directly at the highest priority of U.S. Trade Representative Robert Lighthizer – who views changes to Chinese laws as essential to verifying compliance after years of what U.S. officials have called empty reform promises.

Lighthizer has pushed hard for an enforcement regime more like those used for punitive economic sanctions – such as those imposed on North Korea or Iran – than a typical trade deal.

“This undermines the core architecture of the deal,” said a Washington-based source with knowledge of the talks.

“PROCESS OF NEGOTIATION”

Spokespeople for the White House, the U.S. Trade Representative and the U.S. Treasury Department did not immediately respond to requests for comment.

Chinese Foreign Ministry spokesman Geng Shuang told a briefing on Wednesday that working out disagreements over trade was a “process of negotiation” and that China was not “avoiding problems”.

Geng referred specific questions on the trade talks to the Commerce Ministry, which did not respond immediately to faxed questions from Reuters.
Lighthizer and U.S. Treasury Secretary Steven Mnuchin were taken aback at the extent of the changes in the draft. The two cabinet officials on Monday told reporters that Chinese backtracking had prompted Trump’s tariff order but did not provide details on the depth and breadth of the revisions.
Liu last week told Lighthizer and Mnuchin that they needed to trust China to fulfil its pledges through administrative and regulatory changes, two of the sources said. Both Mnuchin and Lighthizer considered that unacceptable, given China’s history of failing to fulfil reform pledges.
One private-sector source briefed on the talks said the last round of negotiations had gone very poorly because “China got greedy”.
“China reneged on a dozen things, if not more … The talks were so bad that the real surprise is that it took Trump until Sunday to blow up,” the source said.
“After 20 years of having their way with the U.S., China still appears to be miscalculating with this administration.”
FURTHER TALKS THIS WEEK
The rapid deterioration of negotiations rattled global stock markets, bonds and commodities this week. Until Sunday, markets had priced in the expectation that officials from the two countries were close to striking a deal.
Investors and analysts questioned whether Trump’s tweet was a negotiating ploy to wring more concessions from China. The sources told Reuters the extent of the setbacks in the revised text were serious and that Trump’s response was not merely a negotiating strategy.
Chinese negotiators said they couldn’t touch the laws, said one of the government sources, calling the changes “major.”
Changing any law in China requires a unique set of processes that can’t be navigated quickly, said a Chinese official familiar with the talks. The official disputed the assertion that China was backtracking on its promises, adding that U.S. demands were becoming more “harsh” and the path to a deal more “narrow” as the negotiations drag on.
Liu is set to arrive in Washington on Thursday for two days of talks that just last week were widely seen as pivotal – a possible last round before a historic trade deal. Now, U.S. officials have little hope that Liu will come bearing any offer that can get talks back on track, said two of the sources.

 

The administration said the latest tariff escalation would take effect at 12:01 a.m. Friday (0401 GMT), hiking levees on Chinese products such as internet modems and routers, printed circuit boards, vacuum cleaners and furniture.
The Chinese reversal may give China hawks in the Trump administration, including Lighthizer, an opening to take a harder stance.
Mnuchin – who has been more open to a deal with improved market access, and at times clashed with Lighthizer – appeared in sync with Lighthizer in describing the changes to reporters on Monday, while still leaving open the possibility that new tariffs could be averted with a deal.
Trump’s tweets left no room for backing down, and Lighthizer made it clear that, despite continuing talks, “come Friday, there will be tariffs in place.”
Source: Reuters
02/05/2019

China, U.S. hold 10th round of high-level trade consultations in Beijing

CHINA-U.S.-ECONOMIC AND TRADE CONSULTATIONS (CN)

This combo photo shows Chinese Vice Premier Liu He, who is also a member of the Political Bureau of the Communist Party of China Central Committee and chief of the Chinese side of the China-U.S. comprehensive economic dialogue, posing for photos with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. They held the tenth round of China-U.S. high-level economic and trade consultations in Beijing from April 30, 2019 to May 1, 2019. (Xinhua/Shen Hong, Zhai Jianlan)

BEIJING, May 1 (Xinhua) — Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin held the tenth round of China-U.S. high-level economic and trade consultations in Beijing from Tuesday to Wednesday.

As planned, the two sides will hold the 11th round of high-level economic and trade consultations in Washington D.C. next week.

Liu is also a member of the Political Bureau of the Communist Party of China Central Committee and chief of the Chinese side of the China-U.S. comprehensive economic dialogue.

Source: Xinhua

11/04/2019

U.S., China agree to establish trade deal enforcement offices – Mnuchin

WASHINGTON (Reuters) – The United States and China have largely agreed on a mechanism to police any trade agreement they reach, including establishing new “enforcement offices,” U.S. Treasury Secretary Steven Mnuchin said on Wednesday.

Mnuchin, speaking on CNBC television, said that progress continues to be made in the talks, including a “productive” call with China’s Vice Premier Liu He on Tuesday night. The discussions would be resumed early on Thursday, Washington time, he added.

“We’ve pretty much agreed on an enforcement mechanism, we’ve agreed that both sides will establish enforcement offices that will deal with the ongoing matters,” Mnuchin said, adding that there were still important issues for the countries to address.

Mnuchin declined to comment on when or if U.S. tariffs on $250 billion worth of Chinese goods would be removed. Although President Donald Trump said recently that a deal could be ready around the end of April, Mnuchin declined to put a timeframe on the negotiations, adding that Trump was focused on getting the “right deal.”

“As soon as we’re ready and we have this done, he’s ready and willing to meet with President Xi (Jinping) and it’s important for the two leaders to meet and we’re hopeful we can do this quickly, but we’re not going to set an arbitrary deadline,” Mnuchin added.

The United States is demanding that China implement significant reforms to curb the theft of U.S. intellectual property and end forced transfers of technology from American companies to Chinese firms.

Washington also wants Beijing to curb industrial subsidies, open its markets more widely to U.S. firms and vastly increase purchases of American agricultural, energy and manufactured goods.

The Chinese commerce ministry on Thursday confirmed that senior trade negotiators from both countries discussed the remaining issues in a phone call following the last round of talks in Washington.

“In the next step, both trade teams will keep in close communication, and work at full speed via all sorts of effective channels to proceed with negotiations,” Gao Feng, the ministry’s spokesman told reporters in a regular briefing in Beijing.

Mnuchin did not address whether the enforcement structure would allow the United States a unilateral right to reimpose tariffs without retaliation if China fails to follow through on its commitments.

People familiar with the discussions have said that U.S. negotiators are seeking that right, but that China is reluctant to agree to such a concession. Alternatively, the United States may seek to keep tariffs in place, only removing them when China meets certain benchmarks in implementing its reforms.

Mnuchin said he and U.S. Trade Representative Robert Lighthizer, who is leading the negotiations, are focused on “execution” of drafting the documents in the trade agreement.
The two sides are working on broad agreements covering six areas: forced technology transfer and cyber theft, intellectual property rights, services, currency, agriculture and non-tariff barriers to trade, according to two sources familiar with the progress of the talks.
“Some of the chapters are close to finished, some of the chapters still have technical issues,” Mnuchin said.
Source: Reuters
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