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Chinese President Xi Jinping's top economic advisor Vice Premier Liu He will meet a top-level U.S. trade delegation in Beijing this week, the Government has said.

The US delegation is being led by Treasury Secretary Steven Mnuchin, who is tasked with sorting out the trade dispute with the Asian economic giant.

Treasury Secretary Steven Mnuchin is leading the group, which includes Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer.

Confirming that the talks between the two sides have started, Chinese Foreign Ministry spokesperson Hua Chunying said China welcomes the United States delegation headed by Trump's special envoy.

Trump made the remark as the two sides prepared to hold talks in Beijing on resolving conflicts over trade and economic policies that have propelled the two countries toward a full-blown trade war.

Washington is due to finalise its list of Chinese imports - worth US$50 billion - that will be subject to 25 per cent punitive tariffs later this month, and it could slap sanctions on another US$100 billion of products from China.

The two countries have not yet implemented their tariff increases to reach a negotiated settlement. "The Samsungs of the world, the TSMCs have a large head start", said Alexander Wolf, an economist at Aberdeen Standard Investments.

"As long as the USA is sincere.and comes to the negotiating table with mutual respect, equal-footed consultation and win-win results in mind, then we believe that the bilateral consultation will be constructive", Hua noted.

In light of the economic volumes of the two countries and the complexity of bilateral ties, it is never very practical to imagine all problems being wiped out through one-time consultation, she said.

US-China trade talks end without agreement
China, US Talks on Trade to Continue; Beijing Says Differences Still Relatively Big

Besides China, the U.S. is seeking to renegotiate trade relations with the European Union, also in an effort to fix the trade imbalances. Scissors said a "credible promise" from Beijing to buy an additional $50 billion of USA goods each year would be considered a win by Trump's trade team, but he doesn't think that's likely to happen.

Trump has demanded a $100 billion annual reduction in the $375 billion US goods trade deficit with China.

A China Daily report yesterday quoted a US-China Business Council (USCBC) report as saying that exports from the US to China grew faster previous year than US export growth to the rest of the world.

"Reuters reported on Wednesday that the state-owned newspaper China Daily warned in an editorial that Beijing would "stand up to the U.S.' bullying as necessary".

This is after United States goods exports to China had declined in 2015 and 2016.

Companies like Huawei and ZTE are avidly pursuing advanced semiconductor technology, but experts say overall Chinese research and development spending is a fraction of the multibillion-dollar budgets of the big players.

"Consultation between China and the United States on economic and trade issues will be constructive as long as the USA delegation comes with sincerity", Chinese Foreign Ministry spokesperson Hua Chunying said on Wednesday.

The first round of threatened tariffs under the US government's "Section 301" intellectual property probe focused heavily on technology products benefiting from a "Made in China 2025" program to upgrade China's domestic manufacturing base with more advanced products.

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