China trade deal might not calm markets, JP Morgan says

China optimistic as trade negotiations with US kick off

China said Thursday that trade talks in Beijing with a USA negotiating team had "laid the foundation" to resolve concerns held by both sides in a bruising trade war.

The talks "improved mutual understanding and laid a foundation for resolving issues of mutual concern", the ministry said.

The results of the talks are expected to be analysed at a separate meeting between United States trade representative Robert Lighthizer and Chinese Vice-Premier Liu He after which the two sides were expected to announce a decision.

But the statement did not say if the two sides have reached any agreement during the talks that concluded on Wednesday. The meetings in Beijing were not at a ministerial level, so were not expected to produce a deal to end the trade war.

"We urge both governments to use the time remaining in the 90-day negotiating period to make tangible progress on the important issues at the core of the current dispute: equal treatment of foreign companies in China, as well as China's intellectual property and technology transfer policies", said Jake Parker, vice president of China operations at the U.S.

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A statement from the Office of the U.S. Trade Representative didn't characterize the tone of the talks or say what would happen next. -China Business Council. "That is very positive".

"This is what China has wished for, but I think the US will wait and see", Chiu said.

The U.S.is looking to crack down on China's business practices, including allegations of technology theft along with slashing the trade deficit and getting more access to Chinese markets.

The Chinese government is reported to be releasing a statement on the talks tomorrow.

"It seems there have been no fist fights internally between the two delegations", a person familiar with the progress of the talks told CNN on Tuesday, describing them as "constructive". The S&P 500 Index has fallen about 7 percent since Trump and Xi agreed on a 90-day truce at their meeting in Argentina last month.

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"If the results of the talks are positive, it would be beneficial for both China and the USA and also a good news for the global economy", he added. Such an agreement, indeed, was previously reached in May 2018, when U.S. Treasury Secretary Steven Mnuchin announced that the trade war had been put "on hold" thanks to China's pledge to "significantly increase purchases of United States goods and services".

For its part, Beijing is unhappy with US export and investment curbs, such as controls on "dual use" technology with possible military applications. President Donald Trump and his deputies have criticized China for failing to live up to past promises, including a pledge to promptly open up the Asian nation's economy to more trade and investment after it joined the World Trade Organization in 2001. "Instead of making honest efforts to solve its domestic problems, it resorts to unilateralism and protectionism, breaks the rules-based worldwide order, coercing allies to accept unfair treaties, triggering trade frictions with China, and blocking technology transfer while trying to contain China's rise".

For their part, Chinese officials are unhappy with US curbs on exports of "dual use" technology with possible military applications. The bank believes that the positives from the fiscal stimulus messages of past year will subside, which, coupled with the trade war, will add pressure to the economy.

China's trade data for the full year of 2018 is due to be released on January 14, and economists see year-on-year export growth slowing in December from November.

A Chinese paramilitary policeman stands guard at the main entrance gate of the Ministry of Commerce in Beijing, Wednesday, Jan. 9, 2019.

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