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China has agreed to open up its market to USA credit rating agencies and credit card companies as well as resume imports of United States beef as part of a package hailed by the Trump administration as the first step in redefining the trade relationship between the world's two largest economies.
Under the agreement announced by both nations, China will authorise USA beef imports by July 16 while the United States will lift barriers on Chinese cooked poultry exports "as soon as possible".
"United States is to publish a proposed rule by July 16, 2017, at the latest, with the United States realizing China poultry exports as soon as possible", said the release. Coming a month after Presidents Donald Trump and Xi Jinping met in Florida, it allowed China to depict Mr. Xi's team as skillful at negotiating with a new American administration that has pledged to take China to task over its trade practices.
The White House announced that it had agreed with China on increasing the access of American goods and services to the Chinese market, Interfax reports on Friday.
The deal will also allow Chinese companies to buy USA liquified natural gas.
Trump's provocative tweets ran the risk of weakening diplomatic ties with China, potentially jeopardizing decades of carefully calibrated USA diplomatic efforts to normalise relations.
Ross said officials from Dow Chemical Co. gave assurances that increasing exports of natural gas wouldn't harm the US industry or consumers if sales remained less than 30 percent of total output.
The agreement covers 10 areas where trade negotiators from the US and China have reached consensus, including agricultural trade and market access for financial services.
"As noted in the U.S". The project has come to symbolize China's message that it is committed to open trade.
The President hailed the agreement Friday, tweeting, "China just agreed that the USA will be allowed to sell beef, and other major products, into China once again".
China was the 21st largest market for U.S poultry exports in 2016, purchasing only $33 million out of a total $3.875 billion of USA poultry exports.
Announcing the deal, Commerce Secretary Wilbur Ross said that the U.S. would be sending a delegation to China to attend the OBOR forum in Beijing on May 14 and 15. Beijing announced last fall that it would be lifting the ban - which represents a huge new export opportunity for US producers - but Chinese officials have since delayed negotiating specific terms required before imports can be permitted to enter the country. Asian countries already make up some of the largest markets for US beef, with Japan, Korea, Hong Kong and Taiwan making up four of the top six export markets, accounting for $3.6 billion in value in 2016. "High-quality beef is in high demand in China, so the deal has great potential for both our businesses and the USA economy as a whole".
"That's an open door for huge business potential for US companies", said Shen Jianguang, chief Asia economist at Mizuho Securities.
Initial reaction on the USA stock market was relatively subdued after the announcement late on Thursday, part of Washington's drive to cut its trade deficit with Beijing.
The two sides didn't discuss whether the USA would join the Asian Infrastructure Investment Bank, Ross said. In return, China will send a delegation to a foreign investors meeting in the US this summer.
The countries have also agreed to work out a yearlong plan.
Visa said in an emailed statement it looked forward to submitting an application for a bank-card clearing institution license, which, "once granted", would allow it to support economic development in China.
China will also allow wholly foreign-owned financial services firms to providecredit rating services in the Asian giant.
"This should lead to full and prompt market access", according to a Commerce fact sheet describing the initial commitments.
In Beijing, Vice Finance Minister Zhu Guangyaotold reporters that the early results of the agreement showed that economic collaboration between the two sides "couldn't be closer".
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