China-US Trade talks: More dialogues agreed upon, but major breakthrough yet to come
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02:42
We start with the just-finished China-US trade talks. Following two days of meetings in Beijing, officials from the world's two largest economies have agreed to continue working together to resolve their ongoing trade dispute. US President Donald Trump said he would meet on Saturday with US trade officials after their return from Beijing, to determine the next step forward. CGTN's Jiang Shaoyi starts us off.
It's still unknown what deals were reached, but both Chinese and U.S. officials have agreed to remain in contact.
The talks ended with the Xinhua News Agency describing them as "constructive, candid and efficient" but with disagreements that remain "relatively big".
Both sides have agreed to continue their discussions by setting up a work mechanism.
ZHAO CHANGWEN, DIRECTOR GENERAL DEPT. OF INDUSTRIAL ECONOMY, STATE COUNCIL DEV'T RESEARCH CENTER "It is impossible to solve all the trade issues through one round of talks. That's why both sides are setting up a work mechanism to continue the discussion. I think that is very necessary."
The White House issued a statement on Friday, saying talks were constructive, though the two sides remained far apart.
Meanwhile, the US reportedly laid down a list of trade demands to China, requiring China to reduce the trade deficit by 200 billion dollars by 2020, stop subsidies for key industries under the Made in China 2025 plan, end technology transfer policies, and strengthen intellectual property rights protection. But that's not all. Washington made the bold demand that China must stop filing cases with the WTO, and stop imposing retaliatory tariffs. But the clock is ticking, and the two sides are running out of time on some matters for further negotiations.
Analysts say unilateralism shouldn't be the fundamental way to solve trade frictions in the era of globalization. Otherwise, it will not only do harm to Chinese enterprises and US employment, but it will also hit the global industrial chain and the overall global economy.