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BEIJING (Reuters) – Chinese President Xi Jinping and US President Donald Trump will likely find it "difficult" to make significant progress in ending the trade war in their country when they meet at the G20 summit in Japan. June, a former Chinese central bank chief said Friday.
The containers are seen in a logistics center near Tianjin Port in northern China on May 16, 2019. REUTERS / Jason Lee
Trade tensions between Washington and Beijing rose sharply earlier this month after the Trump government accused China of "reneging on" its previous promises to make structural changes to its economic practices.
Washington subsequently imposed additional tariffs of up to 25 percent on $ 200 billion worth of Chinese goods, prompting Beijing to retaliate.
Trump has announced his intention to meet Xi at the G20 summit, to be held June 28-29 in Osaka, although China has not officially confirmed it.
Dai Xianglong, who led the People's Bank of China from 1995 to 2002 and remains an influential figure in China, said at a seminar in Beijing that China-U.S. trade frictions were a long-term problem.
China has approached trade negotiations with the principles of equality and cooperation, while the US approach has been "intimidation and America first," said Dai.
"It's hard to reconcile them," he added.
"I hope that at the meeting of leaders in Japan next month, it will be difficult to achieve major progress."
Dai added that the current depreciation of the Chinese yuan was a short-term market reaction to the trade war.
China is able to maintain its stock market above 3,000 points in the future, he added.
Report by Stella Qiu, Cheng Leng, Yilei Sun and Dominique Patton; Written by Ryan Woo and Ben Blanchard; Edited by Paul Tait & Simon Cameron-Moore
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