China to broaden financial market access and beef import, says report

SHI YU/CHINA DAILY

China will broaden market access for financial sector investments and beef imports from the US, Financial Times reported on Monday citing officials from both sides familiar with the matter.

China is prepared to raise investment ceilings in a bilateral investment treaty with the US, said the newspaper. Deals likely to be announced over the coming three months would help avert a trade war between the world's two largest economies.

Discussions include increasing the stake foreign investors can hold in financial joint ventures in China and lifting a ban on US beef imports that has been in place since 2003, according to FT.

Such expectations come after a "constructive" visit made by President Xi Jinping to the US last week.

During the talks, the first face-to-face communications between Xi and his US counterpart Donald Trump, the two presidents reached consensuses after spending a total of more than seven hours in deep discussions, according to Foreign Minister Wang Yi.

The meeting "was positive and fruitful," Wang said, adding that it has set a constructive tone for the development of China-US relations and helped set the direction for collective endeavors.