Trade Talks Making "substantial" Progress: Beijing

A top commerce official in Beijing says the central government has made "substantial progress” with its US counterpart on bringing an end to their trade dispute.

Wang Shouwen, the vice-minister of commerce, says presidents Xi and Trump agreed in December not to impose further tariffs because it doesn’t benefit either party.

Speaking on the sidelines of the National People’s Congress in the capital, Wang said officials are now working hard to reach a deal to restore normality.

“Our economic and trade teams have already hosted three high-level consultations. And it can be said that these consultations have made substantial progress on some important issues. Now the trade and economic teams from both sides are continuing the communications and the consultations to follow the principles and directions set by the two presidents to reach a deal”, he said.

The commerce ministry added that it will implement a raft of trade facilitation policies and measures to reduce burdens and improve efficiency for foreign trade companies.

The minister of commerce, Zhong Shan, stressed Beijing is committed to boosting trade growth this year and will make every effort to improve the business environment to shore up enterprises' confidence.