China expresses concerns to US over tariffs, sanctions in talks

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China’s financial officials expressed concerns to visiting US Treasury officials about US tariffs, investment restrictions and sanctions set up to “suppress” Chinese companies, the Chinese finance ministry said on Tuesday.

Both sides had “in-depth, frank, pragmatic and constructive” exchanges on their macroeconomic situation and policy, and developing countries’ debt, among other issues in the meetings this week in Beijing, the ministry said.

They agreed to continue to maintain communications, it added.

In a separate meeting, China’s vice premier He Lifeng also met with US Treasury Undersecretary for International Affairs Jay Shambaugh on Tuesday, China’s official Xinhua news agency reported.

The vice premier urged the two countries to deepen exchanges and cooperation to stabilise and develop the China-US economic relationship, the agency added.

The talks underscore trade tensions between the world’s two largest economies. Both have made overtures to ease the friction, especially as the US ramps up export controls meant to keep the most advanced semiconductors out of China’s hands.

China’s vice minister of commerce, Wang Shouwen, expressed concerns about the restrictions on semiconductors and cloud services in China, fair treatment of Chinese companies in the U.S., and photovoltaic restrictions, according to a statement from the commerce ministry.

“Sino-US economic and trade cooperation is a stabilizing force in the relations between the two countries, Wang said in a separate video call with US Deputy Secretary of Commerce Marisa Lago, adding that China is ready to work with the United States, expand cooperation and manage differences.