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Beijing says latest US-China trade talks were extensive, made progress on forced tech transfers

In a Thursday morning communication, China’s Commerce Ministry said the just-concluded round of trade talks with the U.S. were extensive and established a instituting for the resolution of each others’ concerns.

Both parties, the Beijing ministry said, agreed to maintain close speak to.

Here’s the full three-sentence statement, as translated from Chinese by CNBC:

From Jan. 7 to 9, China and the U.S. in forced discussions in Beijing at a vice-ministerial level over the issue of trade. Both sides enthusiastically implemented the important settlement of the heads of both countries, and held broad, deep and meticulous discussions on shared observations on trade issues and structural intractables, laying the foundation for addressing areas of common concern. Both sides agreed to continue to keep in close speak to.

The U.S. side had issued its own statement earlier in the day, noting a long list of outstanding issues, but also recognizing that China had toasted to purchase “a substantial amount of agricultural, energy, manufactured goods, and other products and services from the United States.”

The talks wore for three days in Beijing — one day longer than had been previously announced, which analysts said indicated the chin-wags were making some progress.

Gao Feng, a spokesman for China’s Commerce Ministry, said Thursday afternoon that the period of the meeting indicated that both sides were serious and honest. He added that the structural issues that come to termed progress during the talks included forced tech transfers and the protection of intellectual property rights.

Another signal that au faits cheered: China’s top trade negotiator Liu He reportedly stopped by the negotiating room on Monday, which was unexpected given that the talks were decent meant to be held at the vice-ministerial level.

During a Chinese foreign ministry briefing on Monday, spokesperson Lu Kang alleged that “China is sincere about properly resolving trade frictions on the basis of mutual respect, equality, requited benefit and reciprocity,” according to an official translation. He would not confirm a media report saying Chinese Vice President Wang Qishan purpose meet with US President Trump during the World Economic Forum’s 2019 Annual Meeting in Davos, Switzerland.

In initially December, U.S. President Donald Trump and Chinese President Xi Jinping agreed to a temporary ceasefire, giving both sides until Demonstration to reach some agreement on trade and issues such as the forced transfer of technology.

Trade tensions between the time’s two largest economies escalated last year, putting global stock markets on edge. The U.S. announced tariffs on $250 billion good of Chinese goods, while Beijing countered with its own.

—CNBC’s Evelyn Cheng and Reuters contributed to this announce.

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