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Stock Markets Climb Over Trade-Deal Hopes as 2018 Ends

03 January, 2019, 00:05 | Author: Kristi Dunn
  • Trump, Xi declare progress on U.S.-China trade talks

China's customs administration announced Friday it had approved USA rice imports, after Beijing's major state-owned grain stockpiler said it had resumed buying US soybeans, and China announced it would suspend extra tariffs added to USA -made cars and auto parts starting January 1. The surge in demand pushed Brazilian soy premiums to a record over USA soy futures in Chicago, in an example of the trade war reducing sales for us exporters and raising costs for Chinese importers.

Analysts say Trump's tweets show talks are moving toward resolution in 2019.

In the same year, late paramount leader Deng Xiaoping, often credited with China's "Reform and Opening" policy which led to its economic transformation, met USA president Jimmy Carter in the United States. In 2017, it surpassed $580 billion. Accumulated two-way investment jumped to $230 billion.

"I think China is demonstrating a greater capacity to perform global leadership roles in an increasingly broad range of fields", said Lucio Blanco Pitlo, a lecturer from the Chinese Studies Program of Philippine Ateneo de Manila University.

The Chinese president said relations between the two nations have experienced ups and downs and over the past four decades they have made historic progress.

Chinese President Xi Jinping said on Tuesday that relations between China and the United States were "at a vital stage".

According to the state-backed Xinhua news agency, Xi said that history had proved cooperation was the best choice for both sides. This led to an oversupply that reduced Chinese processing margins and led factories this summer to make the biggest cuts in years to the production of soymeal used to feed livestock.

This has brought huge benefits to the two peoples and contributed greatly to world peace, stability and prosperity, Mr Xi added.

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Xinhua, in a commentary, said it was only natural the two countries would have disagreements and encounter problems, considering their "different social systems, development paths and historical and cultural backgrounds".

Li believes that calling the relationship at a "crossroads" has diminished a sense of urgency and crisis for the issue, which he said Chinese leaders are more aware of than USA leaders. AFP | Getty Images US President Donald Trump (R) and China's President Xi Jinping (L) along with members of their delegations, hold a dinner meeting at the end of the G20 Leaders' Summit in Buenos Aires, on December 01, 2018.

In comments broadcast live by all state media, Xi said China launched more than 100 major reform measures in 2018 and unveiled a comprehensive and systematic overhaul of both party and state institutions.

Many Chinese officials and pundits believe that the U.S. has misread China's intentions.

At the Communist Party's twice-a-decade congress in October 2017, President Xi Jinping pledged to make China a "great modern socialist country" that is a "global leader in terms of composite national strength and worldwide influence".

Wall Street entered correction territory in late January and was challenged for much of 2018 by tariff jitters, rising interest rates, and fears of diminishing corporate profits.

Last week, China's commerce ministry has said the U.S. and China have, on a phone call, made plans for a face-to-face consultations on trade in January.

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