US benefits more than China in bilateral trade, official says

The State Council Information Office of China holds a press conference to discuss a white paper about facts and Beijing's perspectives regarding trade frictions with the US released on Monday. [Photo by Jing Shuiyu/chinadaily.com.cn]

The US companies make way more profit than Chinese firms in bilateral trade, an official said on Tuesday.

China has the trade surplus while the US enjoys "surplus of interest," China International Trade Representative and Vice-Minister of Commerce Fu Ziying said.

Fu made the comments when addressing the white paper-The Facts and China's Position on China-US Trade Friction.

China published the white paper on Monday to clarify the facts about China-US economic and trade relations, demonstrate its stance on trade friction with the United States, and pursue reasonable solutions.

The document was released as a new round of tariff hikes between the two sides took effect amid growing concern over undermining global growth.

China to open its doors to all LNG suppliers, official says

As Sino-US trade tensions escalate, China said it will open its doors to all suppliers of liquefied natural gas around the world.

The trade war between China and the United States has brought damage to the global value chain and exerted a negative impact on normal trade, Vice-Minister of Commerce Wang Shouwen said at the press conference.

Wang said the US can be an important supplier for China's liquefied natural gas, but because Washington has adopted trade restrictions, China has to take countermeasures.

China, as a huge market, is willing to further open up and will give opportunities to all LNG suppliers around the globe, he said.

He added Australia is an important source of LNG for China, and the two sides have a large amount of trade with great potential.

Wang made the comments when addressing a white paper titled The Facts and China's Position on China-US Trade Friction. It was published on Monday to clarify the facts about China-US economic and trade relations, demonstrate China's stance on trade friction with the US, and pursue reasonable solutions.

China urges US to display sincerity in trade talks

China urged the US to show sincerity and respect in bilateral trade negotiations, an official said.

When to restart the Sino-US high-level economic and trade talks depends entirely on the US, Vice-Minister of Commerce Wang Shouwen said at a press conference.

Wang said the Chinese side is open to resolving economic and trade differences through negotiations.

But effective negotiations need the two parties to respect each other in an equal manner. One needs to be sincere in negotiations and follow its promise, he stressed.

Sino-US high-level talks have been carried out for four rounds and achieved some consensus. The US, however, has went back on its words and adopted trade restrictions, Wang added.

Impact of new US tariffs manageable, says official

The fresh tariffs of the United States on $200 billion worth of Chinese goods can have inevitable impact on the economy but the risks are controllable, an official said.

Lian Weiliang, vice-minister of the National Development and Reform Commission, said at a press conference that the US latest tariff move can have direct and indirect influence on the economy with certain industries and regions being affected to a greater degree.

Although the impact is inevitable, the risks are generally under control, Lian said.

The Chinese economy is fully capable of hedging the impact by expanding domestic demand to promote high-quality development, he stressed.