Little progress has been reached in the latest round of meetings between representatives from the US and China in Beijing this week, according to sources talking to Bloomberg, though positive noises from some members of the Trump administration leave the situation unclear.
The US team led by Robert Lighthizer and Steven Mnuchin, who will meet with Chinese President Xi Jinping during the visit, have failed to secure concrete commitments to key structural reforms including the role of state enterprises and corporate governance, the sources said.
However, Reuters also reported that China offered to end market-distorting subsidies for domestic companies during one meeting, although details on implementation were lacking. In the proposal, China promised to reform all state subsidy programs in line with WTO standards, to which US officials were reportedly sceptical.
“The vibe in Beijing is good,” said White House economic adviser Larry Kudlow, before adding that there were no plans to extend the March 1 deadline for a deal.