China and the United States should be willing to build compromises in trade talks and not declare only on what both sides wants, Chinese Vice Commerce Minister Wang Shouwen said on Monday.
Discussions between the Chinese and U.S. trade teams are underway, Wang told a media briefing, without revealing how or where the talks were taking place.
China and the United States last week said they were restoring talks in front of this week’s meeting between presidents Donald Trump and Xi Jinping, cheering financial markets longing for a de-escalation in a trade war that is distressing the global economy.
Talks to reach a broad trade deal broke down last month after U.S. officials accused China of backing away from previously agreed commitments.
Xi will meet Trump at the G20 summit in the Japanese city of Osaka by the end of the week.
Both the Chinese and U .S . teams are creating preparations for the Xi-Trump meeting, said China’s Assistant Minister of Foreign Affairs Zhang Jun at the briefing.
China has vowed to not give in on problems of principle nor under U.S. pressure.
Trump has risked putting tariffs on another $325 billion (255 billion pounds) of goods, covering nearly all the remaining Chinese imports into the United States, like consumer products such as cellphones, computers and clothing.
The policy room for countries to deal with an economic slowdown is limited, said deputy governor of China’s central bank Chen Yulu, who was also present at the briefing.
Tariffs imposed by certain countries are a danger to the world economy, Wang said.
The Trump administration has accused China of failing to secure intellectual property rights, forced technology transfers and of failing to offer a level playing field for U.S. companies.
China has frequently promised to open its market wider to foreign investors and give them better services and treatment. China has also refused accusations of failing to secure intellectual property rights or of forcing foreign companies to transfer technology.