according to David Malpass, Treasury Undersecretary for International Affairs, in an interview with the Financial Times on Nov 30. He said that the Comprehensive Economic Dialogue with Beijing is “stalled” and that there are no plans to revive talks.
The administration has put its main programme for bolstering economic relations with China on ice as it complains about the two countries’ swollen trade imbalance, and says Beijing’s efforts to liberalise its economy have gone into reverse.
The decision comes after the dialogue between the two countries in July ended without any tangible progress.
The U.S. wants to work with other major economies to come up with a united response to what America sees as China’s foot dragging on economic changes, ranging from reforming state-owned enterprises to curbing the ruling party’s role in the economy, said David Malpass.
“We are concerned that China’s economic liberalization seems to have slowed or reversed, with the role of the state increasing,” Malpass said at an event in New York on Nov 30. “We invite market-oriented economies around the world to work with us to find constructive responses.”
The remarks may raise tensions at a time when the world’s two biggest economies are struggling to find common ground on economic policy. In separate interview with Bloomberg TV, Malpass said talks have stalled between the two countries through their main channel of regular discussions on economic and commercial matters.
U.S. Rebukes China for Backing Off Market Embrace, Bloomberg News, Dec 1, 2017
Trump puts talks to boost U.S. – China economic ties on ice, Financial Times, Dec 1, 2017.