China Wants to Step Out of Trade War

BEIJING — The Chinese authorities would like the U.S. to cancel “inappropriate” actions against Chinese corporations, vice commerce minister Wang Shouwen mentioned Monday.

The U.S. Commerce Department on Friday added five Chinese technology corporations to the so-called entity record that successfully prohibits them from buying components from American firms.

“We hope the U.S. side, under the rules of free trade and the spirit of WTO (World Trade Organization) rules, can cancel these inappropriate measures towards Chinese corporations and take away them from the entity list. This has benefits for both sides,” Wang stated in Mandarin, in keeping with a CNBC translation.

He was speaking at a press conference Monday morning about Chinese President Xi Jinping’s upcoming journey to the G-20 summit on the end of this week in Osaka, Japan.

The latest U.S. actions come after Chinese telecom, and smartphone giant Huawei was added to the entity list in May, and after President Donald Trump and Xi held a phone name final Tuesday about plans to meet on the G-20 summit.

“Beijing received one other reminder of US’s willingness to crack down on Chinese tech companies on Friday, with the Commerce Division’s announcement that it’ll place a number of Chinese supercomputing corporations — including quantity two agency Sugon — on the entity listing,” Michael Hirson, practice head, China and Northeast Asia, at Eurasia Group, stated in a be aware launched over the weekend.

“The transfer is not going to disrupt planning for a Trump-Xi meeting directly, however, Beijing will see it as further proof that these around Trump intend to blunt China’s rise as a tech power,” he mentioned.

Discussions are underway between the U.S. and Chinese negotiating groups forward of the G-20 assembly, and both countries should make compromises in trade talks, Wang mentioned Monday.

Wang didn’t directly point out whether or not Huawei will be a part of any trade agreement.

Leave a Reply

Your email address will not be published. Required fields are marked *