China seeks framework for November deal with Trump

 

David P. Goldman

Oct. 23, 2018

Photo: AFP

 

Ahead of a possible meeting next month between US President Donald Trump and his Chinese counterpart, Xi Jinping, the White House tempered any optimism that a trade truce with Beijing is imminent when top economic advisor Larry Kudlow accused China on Sunday of doing “nothing” to defuse trade tensions.

But some Chinese officials and government advisers recently emphasized that China will show patience in addressing American trade demands, postponing if necessary some of its plans to become self-sufficient in high-tech industry.

Raising per capita income from the present US$9,000 a year to mid-five figures over the next ten years or so is the country’s top priority, and the leadership views trade war with the United States as a distraction. China, they believe, is prepared to make concessions to American demands for changes in the country’s industrial policy without changing its long-term trajectory.

 

Source: AsiaTimes