US Navy ship sails near disputed islands in South China Sea

US Navy ship sails near disputed islands in South China Sea

Officials have given scant details on concessions that China might be willing to make to meet US demands, some of which would require structural reforms unpalatable for Chinese leaders.

Delegates from the United States and China on Monday began the crucial face-to-face negotiations here to ease a bitter trade war between the world's two largest economies amid growing concerns about China's slowing economy and its impact on American businesses.

United States and Chinese officials will begin talks on Monday aimed at resolving their damaging trade dispute.

The American delegation, led by deputy USA trade representative Jeffrey Gerrish, arrived in China the previous day for talks with their vice-ministerial level Chinese counterparts.

Speaking to reporters at the White House on Sunday, Trump said that trade talks with China were going "very well" and that Xi is "very much involved in the talks".

"The China talks are going very well", he said. China has said it could consider a deal that involves increasing its purchases of U.S. goods. Top energy and agriculture officials from the USA are part of the delegation attending meetings in Beijing Monday and Tuesday.

"I think that gives them a great incentive to negotiate".

The ratcheting dispute has pummelled confidence in China, sending the stock markets tumbling while the yuan has fallen against the dollar.

In addition to the bruising trade war with the US, China is also grappling with a slowing domestic economy, with the government expecting growth to slow to around 6.5 per cent in 2018, down from 6.9 per cent in 2017, due to various factors.

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Chinese growth fell to a post-global crisis low of 6.5 percent in the quarter ending in September.

TRT World's Samantha Vadas has more on the story from Beijing.

Financial markets were being lifted early on Monday on expectations that the direct negotiations would lead to an easing in tensions between the two sides.

Apple, which ignited a sell-off in global sharemarkets last week with its savage revenue downgrade, attributed it to the deceleration of activity in China, which is both a key part of its global supply chain and a major market for its products.

Asked about the timing of the operation during trade talks, Lu said resolving issues would benefit the two countries and the world.

The European Union filed its own challenge in the World Trade Organization in June against Chinese rules that the 28-nation trade bloc said hamper the ability of foreign companies to protect and profit from their own technology. They complain China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

While China has made some pre-emptive concessions in the weeks since Trump met with his counterpart Xi Jinping in Argentina, including lowering auto tariffs and restarting purchases of American soybeans, little concrete progress has been made toward developing a comprehensive trade agreement between Beijing and Washington. Beijing wants to lower prices for items such as pork and medicine, and opened the door to imports of rice from the U.S. for the first time in late December.

Japan's Nikkei shot up 2.8 percent, while South Korea added 1.2 percent.

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