China ‘wants to talk about cutting US trade deficit but will not back down on industrial policy’
Visit to Washington by Xi Jinping’s top economic adviser Liu He for next round of trade talks expected to see push to discuss ways of reducing its trade surplus
China’s Vice-Premier Liu He will push the Americans to discuss concrete steps to cut the trade deficit between the two countries during his visit to Washington next week, according to Chinese trade and diplomatic observers.
They added that while China would not make concessions on its industrial policy – especially the Made in China 2025 development plan, which has prompted allegations of intellectual property theft – it may commit to opening up its markets and ensuring more of a level playing field for all types of enterprises.
Liu’s trip to Washington, announced by the White House late on Monday, will be his second to the US in three months.
The top economic adviser to Chinese President Xi Jinping also played a part in last week’s talks with a US delegation led by Treasury Secretary Steven Mnuchin, which ended without an agreement.
Liu is expected to lead a team consisting of the main economic and financial regulators, as well as officials from the Ministry of Industry and Information Technology.
