Russia-China trade turnover hits record $100 billion

What hope for markets in the US-China trade talks?

The two sides "implemented the consensus" reached by President Xi Jinping and President Donald Trump in earlier talks, and discussed both trade and structural issues in the meetings, which took place January 7 to January 9.

China says the talks established a basis for resolving the concerns of both sides.

Both parties agreed to continue to maintain close contact, the ministry said in a brief statement on its website.

Trump said late Tuesday on Twitter that the talks were "going very well!".

Prior to the meeting, China made a number of concessions to USA demands including temporarily cutting punitive tariffs on US -made cars, resuming soybean purchases, promising to open up its markets for more foreign investment, and drafting a law to prevent forced technology transfers.

"Amid high hopes that world's two large economies will reach an agreement in the trade talks, stocks in Europe saw large gains on Wednesday". This meeting was previously unscheduled, signaling the two sides could be coming together on key issues.

A member of the USA delegation, Under Secretary for Trade and Foreign Agricultural Affairs Ted McKinney, told reporters that the team would return to the United States later on Wednesday, and talks were "were wrapping up now".

Trump has been demanding China to drastically reduce the United States dollars 375 billion trade deficit and ensure IPR production for USA technology and services. Lu said he had no details and an official statement would be issued later.

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The vice-ministerial level talks are working-level discussions and not meant to yield a final agreement.

But a more hard question may be whether China agrees to monitoring of such a commitment, a condition that US Trade Representative Robert Lighthizer has said is a prerequisite to any deal.

She added that the Trump administration's complaint that China is stealing USA intellectual property is "top of mind" in the negotiations with Beijing. That meeting would likely include a senior Chinese government official along with trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

"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.

The midlevel talks in Beijing concluded on Wednesday. Over dinner in Argentina last month, Trump and Chinese president Xi Jinping agreed to a 90-day tariff truce so that negotiations could take place.

"The U.S. feels uncomfortable with China's rapid development, and can't adapt to its own declining influence", wrote Chen Yonglong in the state-run China Daily".

The US imposed tariffs on more than $250bn (£195.6bn) worth of Chinese goods, with the threat of more to come. "Instead of making honest efforts to solve its domestic problems, it resorts to unilateralism and protectionism, breaks the rules-based global order, coercing allies to accept unfair treaties, triggering trade frictions with China, and blocking technology transfer while trying to contain China's rise".

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