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Report: China hesitant to agree to broad trade pact with US

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Report: China hesitant to agree to broad trade pact with US

China is looking to narrow the scope of upcoming high-level discussions with the U.S., signaling that it is growing more hesitant to agree to a broad pact as Washington insists any agreement must cover all aspects of trade, Bloomberg News reported, citing people familiar with the discussions.

Vice Premier Liu He reportedly told dignitaries that the Chinese delegation's offer to U.S. counterparts would not include a pledge to reform China's industrial policy or government subsidies, one of the people told Bloomberg. The U.S. has long complained about China's industrial policy and wants Beijing to make a commitment to reform government subsidies it grants to companies.

President Donald Trump said Oct. 4 that a trade deal must be "100% for us," having said last month that he prefers a whole agreement to a limited pact.

Officials from the U.S. and China are scheduled to meet in Washington on Oct. 10-11, the countries' first high-level trade discussions since talks broke down in May.