China-US plan 'vigorously advanced' as 100-day mark nears

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The 100th day of the Action Plan on China-US economic cooperation is approaching fast, with progress reports due on Sunday, July 16.

The plan has made "important and positive progress," Chinese Foreign Ministry spokesman Geng Shuang said at a press conference on Wednesday, adding that negotiations had been "vigorously advanced" by both sides.

The 100-day plan, announced during the Mar-a-Lago meeting in April between Chinese President Xi Jinping and US President Donald Trump, was initiated to develop consultations on trade issues and boost bilateral economic cooperation.

The 100-day plan was announced during the Mar-a-Lago meeting in April between Chinese President Xi Jinping and US President Donald Trump. /Xinhua Photo

"Clearly, the agreement reflects a starting point for the two nations to reshape their trade and economic relationship," said Zhou Hao, senior Asian economist with Commerzbank, told Xinhua.

The plan covers a wide range of areas, from beef and poultry to financial services, investment, and energy.

"Given the range of issues and the magnitude, that may be ambitious, but it's a very big change in the pace of discussion," US Commerce Secretary Wilbur Ross told reporters in April. "I think that's a very important symbolization of the growing rapport between the two countries."

Geng Shuang on Wednesday pointed to "a series of early harvests" achieved in May. Among 10 initial steps announced one month after the plan was conceived, the countries agreed to increase access for US financial firms to China and expand trade in beef and chicken.

Initial 10-point agreement, announced in May 2017. /CGTN Graphic

Eligible US beef was allowed to enter China from June 20 for the first time in 13 years. The US was China's largest supplier of imported beef until 2003, when China imposed a ban after mad cow disease was found in US cattle.

"The two sides are conducting consultation on the follow-up outcomes of the 100-Day Action Plan with the expectation for more practical outcomes," Geng added.

President Xi Jinping, speaking after talks with US counterpart Donald Trump on the sidelines of the G20 Summit in Hamburg on July 8, said a one-year China-US cooperation plan is under discussion. /Xinhua Photo

President Xi noted after his meeting with Trump on the sidelines of the G20 Summit in Hamburg that following the progress made on the 100-day action plan, the two sides are discussing a one-year cooperation plan.

A high-level mechanism for economic dialogue between the countries was also established during the Florida meeting in April, the first round of which will be held in Washington DC on July 19.

A progress report and details of the next steps are expected over the coming days.

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