June 1, 2018 / 8:18 AM / 20 days ago

China hopes Chinese and U.S. consumers benefit from trade ties

BEIJING (Reuters) - China hopes its people and those of the United States, especially consumers, will continue to gain from mutually beneficial U.S.-Sino trade relations, Vice Finance Minister Zhu Guangyao said on Friday.

Chinese Vice Finance Minister Zhu Guangyao attends a news conference in Beijing, China, April 4, 2018. REUTERS/Thomas Peter

Zhu was speaking to reporters at a briefing after China said this week that it will cut import tariffs on nearly 1,500 consumer products from July 1.

The tariff reduction plan is in line with Beijing’s pledge to its trade partners - including the United States - that China will take steps to increase imports, and offers a boon to global brands looking to deepen their presence in China.

“China has always been clear about its stance regarding U.S.-China economic and trade relations,” Zhu said, when asked by a reporter about U.S. Commerce Secretary Wilbur Ross’s upcoming visit to China.

“We always believe the essence of U.S.-China trade is mutually beneficial and win-win.”

On specifics of U.S.-China trade negotiations, Zhu said talks were under way.

A U.S. trade delegation of more than 50 officials arrived in Beijing on Wednesday for discussions, ahead of the planned visit by Ross this weekend.

Reporting by Stella Qiu and Ryan Woo; Editing by Kim Coghill

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