China bent on tech transfer, pledged to buy substantial amount of US goods

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China bent on tech transfer, pledged to buy substantial amount of US goods

According to Chinese Commerce Ministry, US and China had made a considerable progress on critical issues, such as intellectual property rights and forced technology transfer. On Thursday, the 10th of January, upon completion of three-day-long trade talk in Beijing, a spokesman from the Chinese Commerce Ministry, Gao Feng, had been quoted saying that both sides were “serious” and “honest”.

However, the spokesman declined to elaborate the subject matter further. After wrapping up the prolonged trade talk in Beijing on Jan 9th, scheduled to be concluded on Jan. 8th, the US Trade Representative’s (USTR) office told later on Wednesday, Jan 9th, that the China had pledged to buy “a substantial” amount of energy, agriculture and manufactured goods, alongside services from the US.

Without elaborating further details, Wednesday’s USTR statement had said that the two sides had been engaged in serious talks to obtain reciprocity, balance and fairness in the trade relations. If no deal is reached before March 2nd, 2019, the Trump Administration would again hike tariff over that $200 billion worth of Chinese imports, adding further worries on Chinese economy which had already been asphyxiating amid a stockpile of distressful data.

Closing on to nearly halfway into the 90-day truce signed on December 1st, 2018, there had been very few concrete details.