China expects to reach “Phase One” trade pact with US as soon as possible



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China expects to reach “Phase One” trade pact with US as soon as possible

On Thursday, the 17th of October 2019, Chinese commerce ministry said that the world’s second largest economy had been anticipating to ratify its “Phase One” trade deal with the United States and to suspend tariffs as soon as possible, adding that a trade war could only yield a “lose-lose” outcome.

Aside from that, a Chinese Commerce Ministry spokesman Gao Feng had been quoted saying to the reporters that the proposed “Phase One” agreement could help boost up market confidence and reduce uncertainty, adding “The final goal of both sides’ negotiations is to end the trade war and cancel all additional tariffs.

This would benefit China, the U.S. and the whole world. We hope that both sides will continue to work together, advance negotiations, and reach a phased agreement as soon as possible. ” Shortly after that, before meeting a team of delegates led by Evan Greenberg, Chairman of the US-China business council, Li Keqiang said late on Thursday (October 17th), “China will create an internationalized business environment ruled by law where domestic and foreign firms are treated equally,” adding that the Chinese constitutional law to guard property and intellectual property rights would be strictly protected, pointing towards a divided Chinese team of delegates over reaching a trade accord with US President Donald Trump and his administration.