China, US close to finding a solution to 'trade imbalance'

The United States and China are close to striking a deal over the ongoing 'trade imbalance' between the two big world economies, a Chinese official has said.

South China Morning Post, while quoting the official, on Monday reported that China is also looking forward to initiating a market-oriented competition, and has urged the US for further cooperation in resolving the 'trade imbalance.'

"Both sides are close to finding a solution to the trade imbalance, and China is open to moving on some of its structural problems in the economy. It will also take steps towards market-oriented competition, but the US should realise that it takes time... otherwise it leaves no room for negotiation," the Chinese official added.

Last week, US President Donald Trump had announced that both the world economies are likely to achieve a breakthrough in the month-long dispute with tariffs reaching more than the USD 300 billion of each other's goods, reported ChannelNews Asia.

"I think we will make a deal with China," Trump had said on Friday, adding that "we have a massive trade negotiation going on with China. President Xi is very much involved. So am I. We're dealing at the highest levels and we're doing very well."

Face-to-face talks between China and the US began in Beijing on Monday. US delegation is headed by Deputy US Trade Representative Jeffrey Gerrish.

Quoting Chinese official further, Hong-Kong based newspaper has reported that a deal would probably be reached in the presence of senior officials including Vice Premier Liu He and US Trade Representative Robert Lighthizer, the top negotiators for both the countries.

"The vice-ministerial talks won't solve all the problems but both sides are expected to take the chance to check their respective demands and offers and to check any chance to reach a trade deal," the Chinese official added.

-ANI