China-US Trade Talks: Chinese Vice Premier Liu He in Washington for high-level talks

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02:09

A delegation led by China's Vice Premier Liu He has arrived in Washington for a five-day visit. Liu will be received by a US economic team, headed by Treasury Secretary Steven Mnuchin. Jiang Shaoyi has our top story.

Beijing's top trade negotiator is now in Washington to try to ease trade tensions between the world's two largest economies.

The Liu He-led Chinese delegation includes governor of the People's Bank of China Yi Gang, as well as vice-heads of the country's major economic organs.

The formal meeting will start on Wednesday, and is scheduled to last for one full day.

And Chinese authorities say the talks could go into a second day if needed.

LU KANG, SPOKESPERSON CHINESE FOREIGN MINISTRY "For the upcoming round of trade talks, we have taken note of some of the US concerns. China is willing to settle concerns from both sides through practical and constructive negotiations with the US. We hope bilateral trade ties will develop in a stable manner."

The US president's main economic adviser, Larry Kudlow, said on Tuesday, that the main objective for Washington is to reduce the bilateral trade deficit.

LARRY KUDLOW WHITE HOUSE ECONOMIC ADVISER "It is well known that the President wants to reduce the bilateral trade gap. I think the way to do that is for China to lower barriers across the border."

The US claims the trade deficit in goods with China last year reached 375 billion dollars.

China's ambassador to the US, Cui Tiankai, however, says the trade relations are about much more than the deficit.

CUI TIANKAI CHINESE AMBASSADOR TO US "It would be too simplistic to say that trade deficit would mean loss, trade surplus would mean gains. I think the real situation is much more complicated. And you have to look at the whole production chain, the value chain, and international division of labor."

The first round of negotiations was held in Beijing earlier this month. However, only a few concrete agreements were made. Difficult as it may seem, as long as the talks continue, there's still a chance for the two sides to walk away happily.

JIANG SHAOYI, CGTN.