The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
BEIJING, China — Top Chinese and US officials will hold trade talks following instructions from their leaders, the Chinese commerce ministry said on Thursday, adding that Beijing hoped Washington would create the necessary conditions for dialogue.
China hopes the United States will listen to its industry and stop threatening tariffs and waging a trade war, commerce ministry spokesman Gao Feng told reporters at a regular briefing.
Trade talks between the world's two largest economies collapsed last month, with US President Donald Trump accusing China of watering down its commitments. Trump raised tariffs on Chinese goods and has threatened even more.
In a telephone call with Trump on Tuesday, Chinese President Xi Jinping agreed to meet his US counterpart in Japan's western city of Osaka at the G20 summit at the end of next week.
Three main differences remain, including the removal of all the additional tariffs, Beijing says. Both sides have disagreed over trade purchases and a "balanced" text for any trade deal.
Those three "matters of principle" cannot be compromised, China has said.
Asked if China's precondition for restarting talks was still tied to the three issues being met, Gao said its basic stance on the trade talks was consistent, and its fundamental demands must be met.
By Yawen Chen and Ryan Woo; editor: Clarence Fernandez.
Mainland shoppers have flocked to local tourism hubs like Macau and Hainan over Chinese New Year and are expected to visit Asian destinations like Thailand and Singapore before returning in droves to European fashion capitals later this year.
Beijing’s Covid-19 policy shift will give the sector a boost in 2023 but a surge in infections and sluggish economic growth could dampen the recovery after an uplift from Chinese New Year.
This week, China rolled back some strict zero-Covid measures, opening a road to recovery for luxury and retail. But the journey is likely to be long and bumpy, experts warn.
Despite disappointing Singles Day sales results, harsh Zero Covid restrictions and supply chain woes, international beauty conglomerates continue to see China as a growth engine.