China Wants to Reach Trade Deal With US 'as Soon as Possible,' Chinese Official Says
China hopes to reach a trade agreement with the U.S. “as soon as possible,” China said during a Dec. 9 press conference, adding that it plans to reduce import tariffs on industrial goods as part of a series of “guiding opinions” released by the State Council.
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
Ren Hongbin, China’s assistant commerce minister, said China wants to “advance” negotiations with the U.S. “We hope that the two sides will … achieve satisfactory results as soon as possible,” Hongbin said, according to an unofficial translation. Hongbin was speaking during a press conference intended to introduce opinions released by the State Council on “promoting the development of high quality trade.” The opinions lay out China’s aim to reduce import tariffs on industrial goods, “daily consumer goods” and autos, the director of China’s Foreign Trade Department said. “Tariffs and institutional costs will be further reduced in a timely manner to stimulate and release import potential,” the official said.
The statements came as China takes steps to remove foreign technology from state agencies and companies in a bid to reduce dependence on high-tech foreign goods, according to a Dec. 8 report from Bloomberg. Beijing plans to replace about 20 million computers with domestic goods, the report said. The country’s goal is to substitute 30 percent of foreign-made technology with domestic technology in 2020, the report said, which could lead to a decrease in demand for and imports of foreign tech, including from the U.S.