China, US set for talks on economy, maritime differences

PIC: Chinese Vice Finance Minister Zhu Guangyao (center) speaks at the 16th Lanting Forum in Beijing. Left is Hao Ping, China's vice education minister and right, Zheng Zeguang, China's vice foreign minister and Foreign affairs ministry spokesperson, Lu Kang. (Credit: Taddeo Bwambale)

BEIJING - Top officials from China and the US are this week scheduled to meet in Beijing to discuss economic and bilateral ties that have in recent months been fraught with tension.

Officials from the two countries will meet under the Eighth Round of China-US Strategic and Economic Dialogue, to be held on Monday and Tuesday.

The dialogue is a high-level platform for the two states to discuss regional, global strategic and economic issues between both countries.

It was established in 2009 by U.S. President Barack Obama and former Chinese President, Hu Jintao to improve cooperation in economic and bilateral ties.

Top on agenda will be economic and foreign policy discussions among the two biggest economic powers, Zheng Zeguang, China's vice foreign minister told journalists at a briefing in Beijing.

Also on the agenda is a review of commitments on climate change, economic cooperation as well as "important and sensitive issues" including maritime and cyber security, Zeguang stated.

In 2015, trade volumes between China and the US exceeded $550b and bilateral investment was above over $440b, highlighting potential for stronger ties, Zeguang added.

In recent weeks, the US has announced plans to sanctions on 'cheap' steel exports from China while China describes the move as an act of 'protectionism'.

Around the same time, China and the US have had close encounters in the South China Sea, an area claimed by China, subject to overlapping claims by her neighbours.

The US accuses China of "militarizing" the sea by reclaiming and erecting outposts on it, while China blames the US for interfering in a regional dispute and deploying military vessels to there.

Zhu Guangyao, China's vice finance minister said the dialogue targets to cultivate good relations between China and the US, push for more open markets and enable entrepreneurs make business.

Last year, the global economy grew at slower 1.2% while international trade grew at 2.1%. The minister predicts global trade grow 3.2%, although the World Trade Organization predicts 2.8%.

"The global market faces downward pressure. China and Us biggest economies and their relations can produce positive impact on economy," Guangyao said.

The minister said the meeting was expected to help ease anxiety in financial markets, share experience on structural reform and policy measures needed to stabilize global growth.

"The economic dialogue mechanism is important and constructive way to contribute to mutual trust and understanding, and preventing misjudgment," he explained.

According to Hao Ping, China's vice education minister, US-China relations are improving in education and culture, with a growing number of people-to-people exchanges.

China will support 50,000 Chinese and American students to study in both countries while Obama has pledged to have one million American students to study mandarin by 2020.