By the time President Donald Trump and Chinese President Xi Jinping agreed to a 90-day tariff truce in early December, the USA had placed a total of $250 billion in tariffs on Chinese goods, and Beijing had retaliated with $110 billion in tariffs of its own.
Facing a March deadline, talks aimed at ending a trade war between China and the USA are underway, with the world's two biggest economies expressing optimism over the potential for progress but neither indicating its stance has changed.
Asked about the timing of the operation during trade talks, Lu said resolving issues would help both countries and the world.
On Jan. 4, Trump told reporters at the White House that he's optimistic about the talks. "I don't think it will proceed that fast".
"The China talks are going very well", he said. They complain China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.
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Economic data show the Chinese economy has suffered since Trump a year ago slapped stinging tariffs on more than US$250 billion in Chinese imports. The U.S. delegation - which is being led by Deputy Trade Representative Jeffrey Gerrish - is requesting China be specific on what U.S. products it will buy and on what specific dates.
Ahead of the talks, a Chinese government adviser on trade said, "The vice-ministerial talks won't solve all the problems but both sides are expected to take the chance to check their respective demands and offers and to check any chance to reach a trade deal".
Beijing on Friday cut bank-reserve requirements amid slowing growth at home and pressure from the USA tariffs. He also said he had no further information on this week's trade talks.
Xiang Songzuo, an economist at China's Renmin University, delivered a speech on December 16, 2018, in which he cited reports concluding that China's GDP growth was very low, or even shrinking.
Mr. Trump has said talks are progressing well, but it remains unclear whether Beijing will yield to USA demands on open markets, technology transfer and industrial subsidies.
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On Thursday, privately held grains trader Cargill announced worse-than-expected results out of China. Some U.S. demands would require structural reform that may be unpalatable for Chinese leaders.
US President Donald Trump (right) and Chinese President Xi Jinping (left) attend a working dinner after the G20 leaders summit in Buenos Aires December 1, 2018.
The sell-off dropped Apple to fourth place in terms of USA companies by market capitalization.
It is possible that if Trump, who is making his second trip to Davos as president, does not meet with Wang, one or more of his top trade lieutenants would instead.
China is facing the daunting task of presenting a credible plan to meet Trump's demands to cut down the United States dollars 375 billion trade deficit.
The negotiations are to address issues including intellectual property, agriculture and industrial purchases, two people familiar with the preparations said.
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The manufacturing sectors in both countries have been hit by the trade dispute, with China's contracting last month for the first time in over two years, according to official data.