World Media

Wang Yang calls for United States tech exports to China

An employee looks on from behind coils of steel at the Arcelor Mittal Steel's hot dip galvanizing line in Cuyahoga Heights Ohio Friday Feb. 15 2013

Wang, who is in Washington to attend the China-US Comprehensive Economic Dialogue on Wednesday, said that as China upgrades its industries, there is a huge market for US exports of advanced technologies, key equipment and critical parts to China.

U.S. Treasury Secretary Steven Mnuchin repeated calls by his predecessors for Beijing to rebalance its economy toward household consumption and away from exports and investment, a move he said would foster healthier, more sustainable growth.

In a speech to US and Chinese business leaders at a luncheon, Wang said China has set about allowing broader market access and a greater opening of its services sector.

Just before the CED, there were reports that the United States could further block imports of Chinese steel and aluminum due to China's act of "dumping". "China Comprehensive Economic Dialogue", come at the end of a 100-day effort by the two countries to craft an economic plan aimed at reducing the USA goods trade deficit with China, a gap that reached $347 billion last year and was up 5.3 percent through May this year. But only 4 percent of China's IC imports came from the US.

China agreed in May to resume purchases of USA beef for the first time in 14 years and made commitments to buy US liquefied natural gas and allow US card payment services companies to operate in China.

He noted that cooperation between China and the USA not only benefits businesses and peoples of the two countries but the world as a whole.

Mnuchin on Tuesday said the USA wants specific deliverables from the CED and that the US will use the discussions to push China on lifting foreign ownership restrictions in its financial services industry and to remove hurdles for information and technology sectors. "We still have work to do with China to achieve a balanced relationship" that is based on reciprocity. The dialogue is one of the four major dialogue mechanisms the two sides established in April. "We haven't seen any significant opening up of the Chinese economy for years".

The U.S. president in June said China hadn't done enough to control North Korea and its nuclear weapons program, though he appeared to brush over differences from that threat and about trade issues during the Group of 20 meeting earlier this month. "This is a result of the greater opening of China's financial sector", Wang said.

The CED is "different only in how it is packed", as every US president likes to put his own stamp on how these dialogues are carried out, Anka Lee, senior director at Albright Stonebridge Group, said in an interview with Bloomberg Television. But he said the two countries have "shared objectives".

The Trump administration could impose new sanctions on small Chinese banks and other firms doing business with Pyongyang within weeks, administration sources said last week.