China appeals to U.S. to accept its technology progress

China appeals to U.S. to accept its technology progress

President Trump said Thursday that talks between the United States and China were "going well" but that a final resolution of the trade dispute between the world's two largest economies would not happen until he meets with Chinese President Xi Jinping.

The talks in Washington are expected to be tense, with little indication so far that Chinese officials are willing to address core USA demands to fully protect American intellectual property rights and end policies that Washington has said force US companies to transfer technology to Chinese firms.

Trump said China wanted to strike a deal by March 1 to avoid the tariff increase and said he thinks he can get one, but it may not be totally fleshed out in writing by then.

Chinese Vice Premier Liu He (L), Central Bank Governor Yi Gang (2nd L) and other Chinese vice ministers and senior officials sit down with Trump Administration officials for negotiations in the Diplomatic Room at the Eisenhower Executive Office Building January 30, 2019 in Washington, DC.

By agreeing to a meeting, some of Mr. Trump's advisers believe the president is putting himself in a position where he will face enormous pressure not to escalate tariffs on Chinese goods from 10% now to 25% on March 2, as he has threatened.

Trump had tweeted earlier Thursday that a final deal would not be made until he and Xi meet in the "near future".

Should the talks fail, United States import duties on $200bn in Chinese imports are due to more than double on March 2 - something economists say could help knock the wind out of the global economy's sails.

During an earlier visit by Liu a year ago, Trump declined to meet with Xi's close adviser, a slight that irritated Chinese authorities.

"Hopefully, they're going to buy lots of corn and lots of wheat and lots of everything else that we have, but they're also talking heavy technology, heavy manufacturing services and everything else", Trump said.

"The odds of them stonewalling and rope-a-doping in this meeting are close to zero", said Robert Atkinson, president of the Information Technology and Innovation Foundation think-tank.

The Trump administration has imposed punitive tariffs on $250 billion worth of Chinese imports to compel Beijing to change its trading practices, prompting Beijing to retaliate with its own tariff increases on $110 billion of US exports. The White House did not immediately comment on the report or say when the meeting would take place. "What are they going to put on the table?"

The Journal quoted anonymous sources as saying Chinese proposals mostly involved more purchases of US farm and energy products and promises to invite more American capital into China's manufacturing and financial services sectors.

Chinese officials are in Washington, D.C., this week for negotiations with top USA officials as the world's top two economies seek and end their trade dispute.

The president has often complained about the USA trade deficit with China - $335 billion in 2017 and on pace to surpass that for 2018.

The draft legislation, which was first reviewed by the NPC's Standing Committee in December 2018, is said to ban compulsory technology transfer, guarantee equal treatment of foreign companies, and protect foreign companies' intellectual property rights.

The Chinese Communist Party's (CCP) expedited its review of the foreign investment law, which was meant to serve as a bargaining chip for trade negotiations, according to Xie Tian, a professor at the University of SC. This could maintain the threat of USA tariffs on Chinese goods for the long term.

But the impact of Trump's trade policy is also being felt by the US.

On Monday, the Justice Department unsealed an indictment against Chinese telecom giant Huawei, accusing the company of trying to steal trade secrets from the T-Mobile company.

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