{"id":60865,"date":"2018-03-19T06:30:35","date_gmt":"2018-03-19T06:30:35","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=60865"},"modified":"2018-03-19T06:35:58","modified_gmt":"2018-03-19T06:35:58","slug":"u-s-treasury-official-says-no-decisions-on-formal-china-talks","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/world-news\/u-s-treasury-official-says-no-decisions-on-formal-china-talks.html","title":{"rendered":"U.S. Treasury official says no decisions on formal China talks"},"content":{"rendered":"

U.S. Treasury official says no decisions on formal China talks<\/span><\/strong><\/span><\/h2>\n

BUENOS AIRES (Reuters) – The U.S. Treasury\u2019s top economic diplomat said on Sunday that China\u2019s move away from market liberalisation was an increasing concern for G20 economies but reversed an earlier statement that the United States had ended formal economic dialogue talks with Beijing.<\/span><\/p>\n

David Malpass, Undersecretary for International Affairs, told reporters that there had been no decisions made about the future of the \u201cComprehensive Economic Dialogue\u201d after meetings between U.S. and Chinese officials in July 2017 had \u201cstalled.\u201d<\/span><\/p>\n

Malpass, a former Bear Stearns chief economist, said he misspoke when he told an Institute of International Finance meeting earlier on Sunday that the United States had discontinued the CED \u201cbecause there wasn\u2019t a path back towards market orientation.\u201d<\/span><\/p>\n

He said Treasury Secretary Steven Mnuchin continues to engage senior Chinese officials in private, personal discussions \u201cin order to try to bring the focus back to market liberalisation.\u201d<\/span><\/p>\n

The conflicting statements over the future of U.S.-China economic relations comes ahead of a tense Group of 20 finance ministers and central bank governors\u2019 meeting in Buenos Aires, where the frustrations over U.S. President Donald Trump\u2019s steel and aluminium tariffs and a potential U.S.-China trade war threaten to dominate discussions.<\/span><\/p>\n

The Trump administration is also said to be preparing punitive tariffs against up to $60 billion worth of Chinese information technology, telecoms and consumer products to try to force changes in Beijing\u2019s intellectual property and investment practices.<\/span><\/p>\n

However, Malpass did not specifically mention the Trump administration\u2019s \u201cSection 301\u201d investigation into China\u2019s intellectual property practices, including investment policies that effectively require technology transfers to Chinese joint venture partners.<\/span><\/p>\n

But at the IIF conference, he did criticise China\u2019s investment rules that restrict access for foreign firms, saying this \u201cmakes it very hard for the world to invest in China\u201d in ways that are compatible with the investor country\u2019s laws.<\/span><\/p>\n

Malpass also told the conference that an increasing amount of state control over China\u2019s economy, coupled with the end of term limits for President Xi Jinping, was \u201cworrisome to the world.\u201d<\/span><\/p>\n

He said \u201chaving such a big economy in the world move away from markets has not been good for us and the world and will continue to cause difficulty.\u201d<\/span><\/p>\n

\u201cOur invitation is for the world to recognise this and also for China to recognise this commercially and move towards freedom and market orientation,\u201d he told the IIF conference that coincides with the G20 meeting on Monday and Tuesday.<\/span><\/p>\n

\u201cThis is completely an unworkable and non-reciprocal arrangement,\u201d he said.<\/span><\/p>\n

Regarding currencies, Malpass said that relative stability, partly brought about by broad global growth, had lessened the need for intensive discussions on the matter.<\/span><\/p>\n

\u201cOne of the things we have is synchronized global growth and the currencies are relatively stable, so that is part of good policies in many countries around the world and that encourages growth and investment,\u201d Malpass said. \u201cSo I think we have a context where there\u2019s less criticality to the discussion of the exchange rates.\u201d<\/span><\/p>\n

Source:-https:\/\/uk.reuters.com\/article\/uk-g20-argentina-usa-china\/u-s-treasury-official-says-no-decisions-on-formal-china-talks-idUKKBN1GU0PV<\/span><\/p>\n

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