US, Chinese officials begin Strategic and Economic Dialogue

Economic and security officials from the US and China met to discuss trade issues and economic goals on Thursday, the first day of the two countries’ annual Strategic and Economic Dialogue meeting, The Wall Street Journal reported. The Obama administration said Chinese officials had discussed easing restrictions on foreign ownership of financial-sector firms, increasing the dividends that Chinese state-owned industries are required to pay, limiting the export subsidies state firms receive, and reducing taxes and tariffs on consumer goods. China’s goals include persuading the US to loosen export restrictions on high-tech products such as computer and communications equipment. As it has done repeatedly in past years, the US encouraged China to further appreciate its currency. However, the basis for US complaints – China’s huge trade surplus – has faded in recent quarters as China’s export businesses have slowed.