China foreign minister pledges to uphold trade deal during Biden administration

WASHINGTON: Chinese Foreign Minister Wang Yi assured US executives during a videoconference on Sunday (Dec 6) that Beijing remained committed to the Phase 1 trade deal with the United States, the head of the US-China Business Council said.

"He definitely re-committed. On the Chinese side, it's all systems go. They will fulfil their commitments," US-China Business Council President Craig Allen told Reuters.

The group, which represents 240 companies doing business in China, was pleased with China's progress in implementing policy changes under the agreement signed in January, Allen said.

READ: China calls for new talks with US after Biden win

As of October, Beijing's purchases of US goods specified in the Phase 1 deal, at US$75.5 billion, were about half of the level they should be on a pro-rated annual basis, according to the Peterson Institute for International Economics.

"They are behind, but it's a two-year agreement," Allen said. "This has been a successful agreement in terms of changing China's policies that prevented a level playing field. It's not complete. It's not finished, that's what Phase 2 is about," he said.

READ: Biden vows no quick rollback of Trump's China tariffs

Allen said members of the US-China Business Council's board pressed Wang on remaining concerns about equal treatment of US companies, visa concerns and intellectual property rights that it wanted Beijing to address.

Wang noted that Vice Premier Liu He will lead Phase 2 negotiations.

But Allen said he was hopeful the world's two largest economies would start negotiations on a Phase 2 agreement after US President-elect Joe Biden takes office on Jan 20.