Economy

USA destroyer sails in disputed South China Sea amid trade talks

USA destroyer sails in disputed South China Sea amid trade talks

Ministry spokesman Lu Kang said Monday that Chinese military aircraft and naval vessels were dispatched to identify the US vessel and warn it to leave the area near disputed islands in the South China Sea.

USA and Chinese officials expressed optimism before the two day talks, but Beijing at the same time complained about the sighting of the U.S.S. McCampbell destroyer in what it said were Chinese waters near disputed islands in the South China Sea.

USA negotiators on January 7 headed into talks with Chinese counterparts as the two countries seek a deal to end a trade war that has raised fears of global economic turmoil.

On Monday, U.S. Commerce Secretary Wilbur Ross told NBC the talks were being held with appropriate-level staff and would help determine how the administration moves forward.

The negotiations are to address issues including intellectual property, agriculture and industrial purchases, two people familiar with the preparations said.

Asked what he expected to come out of this week's talks in Beijing, Trump sounded a positive note.

As the talks began Monday at the Chinese Commerce Ministry, Beijing complained about a US warship in what it said were Chinese waters, but it was unclear if that would disrupt the proceedings. Earlier in the week Apple Inc. plunged the most since 2013 after flagging slower iPhone sales, especially in China - a trend the company blamed on Trump's trade war. "We have firm confidence in the strong long-term fundamentals of the Chinese economy".

Fiji Water girl photobomber steals spotlight on Golden Globes red carpet
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Even so, Lu said, "China's development has ample tenacity and huge potential".

Chinese experts say the talks are expected to deliver specific commitments to expand market access, improve protection of intellectual property rights and reduce the trade surplus with the U.S., but it would take time to reform state-owned firms another major source of friction.

Chinese stocks closed higher on Monday as the trade talks got underway and the central banks in both Beijing and Washington signalled looser monetary policy. Which is why it was unexpected when the country's top economic adviser - Chinese Vice Premier Liu He - attended the first day of discussions.

A potential deal could include a Chinese agreement to boost purchases of United States agricultural and energy products and offer more market access in areas such as autos and financial services. "And to do that properly would require significant changes in how China manages its economy - changes that would put the Chinese government and its state-owned enterprises in a vulnerable position".

"Next week's negotiations are important because they will establish expectations", said Myron Brilliant, executive vice president and head of worldwide affairs at the US Chamber of Commerce.

Data last week showed manufacturing has slowed in both China and the United States, though the U.S. Labour Department on Friday reported a surge in new jobs in December along with higher wages. The U.S.is seeking concessions in Chinese business practices; in exchange it will eliminate tariffs recently imposed on Chinese goods.


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