Trade talks are not a contest to see who blinks first: China Daily editorial

It is being anticipated that the upcoming talks between China and the United States will produce some positive results, but whether those expectations are met will depend on both sides being genuine in their efforts to bridge their differences and reach an agreement.

The high profile makeup of the Chinese delegation that arrived in Washington on Monday for the economic and trade negotiations scheduled for Wednesday and Thursday, shows that China is sincere in seeking a workable solution to the two countries' ongoing trade standoff.

Led by Vice-Premier Liu He, the delegation includes top officials from the central bank, the National Development and Reform Commission, the Central Committee for Financial and Economic Affairs, as well as the Ministry of Commerce and other ministries.

However, sincerity from Beijing alone will not be enough.

That is why US Treasury Secretary Steven Mnuchin saying on Monday that President Donald Trump is set to meet Liu during his visit has been interpreted as a good sign as it suggests the US is also participating in the talks in good faith.

But while it is evident to both sides that it is in their own interests, and to the benefit of the world economy as a whole, that they end their trade dispute, it remains to be seen if they can maneuver their way to such an outcome. Especially given the US Justice Department's actions against the Chinese telecommunications company Huawei and its chief financial officer, which were announced on Monday.

Given the timing, this has been widely perceived to be a ploy to push for the structural reforms the US wants, but the issues to be discussed are complicated enough, without any additional complications being added to the mix.

The two sides will need to ensure their discussions stay on track if a framework for progress is to be produced, without which it will be very hard to prevent the cease-fire ending without an agreement. The subsequent trade war would do grievous harm to the global economy, as well as the Chinese and US economies. As the global financial crisis that originated in the US showed, such damage would take a long time to fix.

Just the breadth and depth of their discussions is daunting to consider. Nevertheless, China's commitment and determination to deepen reform and opening-up have been demonstrated with new measures that provide a solid platform to build on, so long as the two sides can agree on a time frame for further measures, and reciprocal actions are forthcoming.

There will be around 30 days for further negotiations after the meetings in Washington before the March 2 deadline for the suspension of further US tariffs on Chinese goods expires. It is to be hoped that focuses attention on the need to be reasonable and sober-minded, because a full-scale trade war between the two economic powerhouses would certainly make for more uncertain times.