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China to hold its ground as US-China trade talks resume

China is ready for a serious dialogue with the United States, but it will stand its ground on the negotiations, Chinese media said.

Chinese tabloid newspaper The Global Times said in an editorial on Thursday that ‘China must persist and not fear’ the United States (US) if it desires good results. According to the paper, Beijing has already sent a clear signal to Washington that ‘China can never be daunted’ in a recent telephone conversation.

‘As trade between China and the US is highly likely to continue, the two countries may eventually reach an agreement. But China will not be impatient or afraid of setbacks,’ the newspaper, which is published by the country’s ruling Communist Party People’s Daily said. 'Negotiation outcomes are not often obtained through talks, but through fights,' the paper added.

Separately, state-backed newspaper China Daily said in an editorial that although a single meeting between the US and China is unlikely for them to iron out all the trade issues, both parties are ready for a ‘serious dialogue’ as a trade war creates a ‘lose-lose’ situation.

Earlier this week, the US and China said they are rekindling trade talks and the teams from two sides are preparing for the meeting at the Group of 20 summit in Osaka, which will take place end June. The announcement was cheered on by financial markets.

Trade talks between both sides came to a standstill last month after the US accused China of backing off from previously-agreed commitments.

Washington has already imposed 25% of tariffs on US$250 billion of Chinese goods and has threatened to slap on tariffs on additional US$325 billion worth of goods.

China has retaliated with tariff hikes on US$60 billion of US goods.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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