U.S. Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross participated in a reception Tuesday for the Chinese Vice Premier Wang Yang before the start of bilateral economic talks in Washington.
Treasury Secretary Steven Mnuchin said he hopes China will lift foreign ownership restrictions in its financial services sector to allow more U.S. participation, and remove barriers to trade in its information and communication technology sector, Reuters reports.
During the negotiations for the Bilateral Investment Treaty (BIT) conducted during the Obama administration, China had already agreed to further open up its banking, securities, insurance, telecommunication, cultural, internet and automobile sectors.
"Thanks to the painstaking efforts of both sides, the 100-Day Plan has delivered major outcomes", Wang said, noting that the American beef has found its way back to the Chinese market after 14 years and the policy barriers for USA liquefied natural gas (LNG) exports to China have started to crumble.
Chang said China is using the CED as an opportunity to gain more access to the US market.
He thanked the two countries' business communities for their long-standing support and active participation, and reiterated that "China-US business cooperation is market behavior" and "the underlying drivers lie in the people and the business communities".
The spokesman said there was no information on the cause of the cancellations. The dialogue is one of the four major dialogue mechanisms the two sides established in April. "There remain serious imbalances that we must work to rectify". "We haven't seen any significant opening up of the Chinese economy for years". The nation should accelerate easing of restrictions and stake ownership requirements on foreign investment in areas ranging from nursery to e-commerce, and it should also pro-actively expand imports while stabilizing exports, looking into lowering tariffs for some consumer goods, he said.
Pointing out China remains a developing country and that China adopted the market economy system only a little over 20 years ago, Wang said: "We are reflecting on our own inadequacies and we will redress them with a problem-oriented approach".
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. Mnuchin left out any mention of Chinese investments in the US, which has sparked concern from the administration and Congress over China's interest in purchasing stakes in nuclear weapons businesses, semiconductor companies and other critical infrastructure.
Wang is scheduled to co-chair the first China-U.S. But he said the two countries have "shared objectives".