The Chinese delegation stated that during the latest round of talks in Washington, the two sides focused on the text of the agreement. This is the seventh round of talks since February last year.
The delegation said the negotiators had also made substantial progress on specific issues such as technology transfer, intellectual property protection, non-tariff barriers, the service industry, agriculture and exchange rates.
Analysts said that China and the United States are expected to reach a solution soon over trade frictions. Because the negotiating team is discussing the wording of the agreement and considering stepping on the brakes to their tariff standoff.
State Councilor Wang Yi said China-U.S. trade negotiations have once again made concrete progress, providing positive prospects for bilateral relations and global economic development.
Given that the biggest impact on the A-share market last year was trade friction, it is expected that this concern will be gradually eliminated this year, which will help to boost market performance.
China’s A-share market is showing more bullish signs. Shanghai and Shenzhen’s benchmark indexes soared more than 5%, and trading volume hit a 39-month record high.
The Shanghai Composite Index rose 5.6% to close at 2961.28 points on February 28, the highest point in eight months. The Shenzhen Component Index rose 5.59% to close at 9334.58 points. China’s Nasdaq index GEM index rose 5.5% to close at 1,536.37 points, reaching a seven-month high.
According to data from Wind Info, a Shanghai-based market tracking agency, the total transaction volume in Shanghai and Shenzhen exceeded RMB 1.04 trillion (US$155 billion), the highest level since the end of 2015.
Meanwhile, Some industry associations in the United States are also encouraged by “Substantial Progress” in talks.
Eric Joseph Holcomb, Indiana governor, a state whose agriculture relies heavily on exports, said he welcomed the progress.
The Business Roundtable, an association of chief executives of major US companies, said in a September survey that tariffs and future trade tensions were forcing CEOs to cut back on their investment plans for the next six months.
The National Marine Manufacturers Association also said in a press release that it welcomed this progress and encouraged the two countries to “continue to work hard to reach a comprehensive agreement on all trade issues.” It is reported that members of this association rely on hundreds of marine-related parts and materials affected by the tariffs.
The economies of both countries look forward to the days of predictability, certainty and stability of the trade sector and are optimistic that they will achieve this soon.