Beijing, May 4 (IANS) China and the US reached agreements on certain key economic and trade issues, although crucial differences remain after discussions between the Chinese Vice Premier and a US delegation.
The two countries also agreed to establish closer communication channels in order to resolve trade disputes, Xinhua news agency reported.
“China and the US reached agreements on some issues in their economic and trade consultations” but “both sides recognized that given that considerable differences still exist on some issues, continued hard work was required for more progress”.
The agreements were reached after the second day of negotiations between the US delegation led by US Treasury Secretary Steven Mnuchin and Chinese authorities headed by Vice Premier Liu He.
Washington had presented draft discussion points to Beijing with eight points, including a common commitment to reduce the US trade deficit by $100 billion in 2018 and another $100 billion in 2019.
The US also urged Beijing to protect intellectual property rights, to stop subsidizing advanced technologies and reduce tariffs on imports of products from non-critical sectors.