China's Wang vows to uphold trade offer during Biden administration: US business group
08 December, 2020
Chinese Foreign Minister Wang Yi assured US executives throughout a videoconference on Sunday (Dec 6) that Beijing remained committed to the Period 1 trade handle the United States, the top of the US-China Business Council said.
"He definitely re-committed. On the Chinese side, it's all systems go. They'll fulfil their commitments," US-China Organization Council President Craig Allen informed Reuters.
Wang's remarks to the business group come amid latest moves by the government of outgoing US President Donald Trump to crack down on Chinese military companies and field incoming President-elect Joe Biden into hardline positions on Beijing.
The US-China Business Council, which represents 240 companies doing business in China, said it was pleased with Beijing's progress in implementing policy changes beneath the trade package signed in January, although China had fallen short of targets for increased purchases of US goods and services.
As of October, Beijing's purchases of US goods and providers, specified in the Phase 1 deal at US$75.5 billion for 2020, were about half the level they should be on a pro-rated twelve-monthly basis, based on the Peterson Institute for International Economics.
"They are behind, but it's a two-year arrangement," Allen said. "This has been an effective agreement in terms of changing China's policies that prevented an even playing field. But it's not complete. It isn't finished, that's what Period 2 is approximately."
Allen said customers of the council's board pressed Wang on continued issues about equal treatment of US companies, visa considerations and intellectual property rights, adding his wish that the world's two most significant economies begins negotiations on a Period 2 agreement immediately after US President-elect Joe Biden uses office on Jan 20.
The US executives met for a lot more than an hour via videoconference with Wang and other Chinese officials. Such meetings generally happen every year and so are normally personally, he said.
Wang said little about the Stage 2 negotiations, which will be led by Vice Premier Liu He, Allen said.
Allen said Wang was "extremely forthcoming and replied to our concerns very evidently". Wang advised the group there have been more than100,000 US corporations in China, and a whole lot were doing perfectly.
He said the group was keen to make certain that US companies are able to expand their access to their most important industry, given China's middle income of round 400 million persons, and the actual fact that it will generate 30 per cent of global growth found in coming years.
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