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China pledges to expand financial market opening as U.S trade delegation arrives

Video Credit: Reuters Studio - Duration: 01:29s - Published < > Embed
China pledges to expand financial market opening as U.S trade delegation arrives

China pledges to expand financial market opening as U.S trade delegation arrives

China has made unprecedented proposals in talks with the U.S on issues including forced technology transfer, as the two sides work to end their protracted trade war, U.S. officials have told Reuters.

As Pascale Davies reports, Beijing is also pledging to expand market access for foreign banks and financial services.

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China pledges to expand financial market opening as U.S trade delegation arrives

(SOUNDBITE) (ENGLISH) U.S. TREASURY SECRETARY, STEVE MNUCHIN, SAYING: "We look forward to productive meetings".

Talks with China started on a high note, as officials sought to close a deal to end the trade war.

And they are reportedly getting somewhere.

China has made unprecedented proposals on issues including forced technology transfer, according to U.S. officials who spoke to Reuters.

It's a key point for president Donald Trump as Washington alleges the systematic theft of its intellectual property and the forced transfer of American technology to Chinese companies.

In return, China wants the $250 billion worth of U.S. tariffs on Chinese imports lifted.

But it was not as upbeat about the talks as the U.S. (SOUNDBITE) (Mandarin) CHINESE COMMERCE MINISTRY SPOKESMAN GAO FENG, SAYING: "Both sides have achieved some progress, but there remains much work to do." As for the markets, they're waiting to see an actual deal on the table.

As tensions weigh on the global economy.

(SOUNDBITE) (German) HEAD OF CAPITAL MARKET ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING (on U.S.-CHINA TRADE DISPUTE): "Almost every day we are being told that a deal is in sight, only to be disappointed.

I no longer believe that this hope should be upheld.

Now we want to see facts.

We want to have a deal." But something that could appease investors as trade talks continue.

China's Premier Li Keqiang announced Thursday it would expand market access for foreign investors in banking, securities, and insurance sectors.

Foreign businesses have previously criticised China's financial markets as being too narrow.




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