China Premier Li Keqiang is optimistic on US-China relations

Changing China's economic model might ease external and domestic pressures on the economy

Markets moved higher after Bloomberg reported US President Donald Trump wants to reach an agreement with Chinese President Xi Jinping at the Group of 20 nations summit in Argentina later this month.

President Trump says that China wants to make a trade deal with the U.S. "We talked about many subjects, with a heavy emphasis on Trade", the U.S. president tweeted.

Xinhua, China's state news agency, reported on Friday that Mr Trump had told the Chinese leader that "he looks forward to meeting Xi during the G-20 summit so they can have an in-depth discussion about some major issues". "We have a new deal", he said adding that the USA is now negotiating with the European Union, which "has absolutely hurt" the United States.

The Trump administration this year has already imposed tariffs on $250 billion in trade with China and is threatening to impose tariffs on all remaining imports from China, which last year were worth $505 billion.

The telephone conversation on Thursday was Trump and Xi's first publicly disclosed call in six months.

Meanwhile, White House economic adviser Larry Kudlow said at an event in Washington that Trump and Xi might be able to break the logjam on issues during the Nov 30-Dec 1 summit.

"There's no massive movement to deal with China", Kudlow, the director of the National Economic Council, told CNBC.

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Xi on Thursday said he looks forward to meeting with Trump in Argentina and hopes the two sides build stable relations, according to China's state media.

On Wednesday, U.S. Secretary of State Mike Pompeo said China was probably Washington's biggest long-term security challenge and the United States was engaged in a "multi-pronged effort.to convince China to behave like a normal nation on commerce" and respect global law.

The commodity has lost around 15 per cent from four-year highs at the start of last month as Russian Federation and Opec said they would bolster output. These include outright cybertheft and forcing United States companies to hand over trade secrets as the price of admission to the Chinese market.

But within hours of the upbeat assessments, the US Justice Department took aim at another Chinese firm it accused of unfair practices, part of an across-the-board pressure campaign by the Trump administration targeting China.

Beijing has hit back with its own duties on U.S. imports. Washington, Europe and other trading partners say those violate China's market-opening obligations and some American officials worry they might erode USA industrial leadership.

Both the United States and China have sought to portray the personal relations between the two leaders as a source of stability in the relationship, and they have refrained from direct criticism of each other. Ten percent tariffs on US$200 billion in imports that took effect in September are due to increase to 25% on Jan 1.

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