Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

China says maintaining 'normal communication' with U.S. on trade

Published 08/26/2021, 04:35 AM
Updated 08/26/2021, 04:40 AM
© Reuters. FILE PHOTO: Chinese staffers adjust U.S. and Chinese flags before the opening session of Sino-U.S. trade negotiations in Beijing, Feb. 14, 2019. Mark Schiefelbein/Pool via REUTERS

BEIJING (Reuters) - China is maintaining "normal communication" with the United States on trade, the Chinese government said on Thursday, one of the few areas the world's two largest economies have refrained from confronting each other over this year.

Washington and Beijing signed a so-called Phase 1 trade deal in January 2020, before the widespread outbreak of COVID-19. The pact calls for China to increase its purchases of U.S. exports by $200 billion over two years.

Economists say Beijing is behind in meeting that target, partly due to the pandemic. The pact is set to expire by the end of 2021.

"We've always stressed that both sides should work together, create the atmosphere and conditions to push for the implementation of the deal," Gao Feng, spokesman for China's commerce ministry, told reporters when asked about U.S.-China trade talks.

"Trade and economic cooperation between the two sides are in the interest of both countries and their people," he said.

While trade ties between the two countries have calmed since the signing of the pact, bilateral relations have been tense due to disagreement over issues ranging from the origins of the coronavirus to China's maritime claims in the South China Sea.

U.S. Vice President Kamala Harris on Wednesday charged China with bullying its Southeast Asian neighbours, the second time in two days she has attacked Beijing during a regional visit, as Washington tries to rally regional partners to take on China's growing economic and military influence.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

One bright spot is closer cooperation in tackling the threat of climate change.

U.S. climate envoy John F. Kerry is expected to travel to China in September, sources told Reuters this week, which would be his second visit to China this year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.