Trade talks must be held as equals and be mutually beneficial: China

"It is not my objective to change the Chinese system", Lighthizer said. "Thank you", Mnuchin told Reuters upon arriving at his hotel, when asked if he expected progress. I look forward to being with President Xi in the not too distant future.

Trump has threatened tariffs on up to $150 billion worth of Chinese goods to punish China over its joint-venture requirements and other policies that USTR says forces American companies to surrender their intellectual properties to state-backed Chinese competitors.

"In the event of a trade war, we have a much greater ability to endure (the consequences) than the USA", the official said. The meetings will start Thursday and the USA officials plan to head home by the weekend, though the trip could be cut short "if it's not satisfactory", he said in an interview with CNBC.

President Donald Trump will have the final say on accepting any USA agreement with China, Ross said, indicating he doesn't expect an announcement immediately from the meetings.

"The time when China could be forced to open its doors is long past, and Beijing is not opening them wider now simply to appease others", it said.

"NEGOTIATIONS THE BEST WAY" Widely-read Chinese tabloid the Global Times, published by the ruling Communist Party's People's Daily, said it hoped the talks were the start of a resolution to the dispute.

Washington's moves, perceived by Beijing as a way to contain China's strategic ambitions in hi-tech, have not gone unnoticed.

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A Chinese government official warned that Beijing will not negotiate on its core interests nor accept preconditions on any issues, including its "Made in China 2025" program to upgrade its domestic manufacturing base with more advanced products.

The U.S. tariffs could go into effect in June following the completion of a 60-day consultation period.

China and the US have already signaled $50 billion of retaliatory tariffs are coming.

Consultation between China and the United States on economic and trade issues will be constructive as long as the USA delegation comes with sincerity, said a Chinese Foreign Ministry spokesperson Wednesday.

US-based trade experts said they expected Beijing to offer Trump's team a package of policy changes that may include some previously announced moves, such as a phaseout of joint venture requirements for some sectors, autos tariff reductions and increased purchases of U.S. goods.

Despite the huge USA trade deficit, Chinese companies are struggling to overtake western industry leaders in advanced technologies for semiconductors, the silicon brains required to run smartphones, connected cars, cloud computing and artificial intelligence.

But the divergent U.S. trade delegation group is likely to have differing views on the merits of such an offer.

(Copyright © 2015. All Rights Reserved.)
 
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