Washington, July 30 (ANI): Recognizing China's growing market economy, the US has agreed to loosen restrictions on the export of hi-tech goods to China, Chinese Vice-Premier Wang Qishan has disclosed.
The decision came on Tuesday after a meeting between US Federal Reserve Chairman Ben Bernanke and Qishan during the China-US Strategic and Economic Dialogue in Washington.
"The US pledged to facilitate exports of high-technology products from the US to China," he said, while calling the SAED a "full success", China Daily reports.
Sino-US trade has grown manifolds since China "opened up" 30 years ago.
Last year - in spite of a seven-year low in China's rate of growth because of the global financial crisis - the volume of trade between the countries amounted to 333.7 billion dollar.
However, despite the massive volume of trade, the US suffers from a significant trade deficit with China and has blamed China's "undervalued" yuan for the fact that more goods flow from China into the US than in the other direction.
Analysts have said the reluctance of the US to export hi-tech products is partly to blame and noted that unrestricted sales of hi-tech goods would help balance bilateral trade.
The US also recognized the "continued progress" China has made in its pursuit of market reforms and will "earnestly" consider its concerns, and work toward its market economy status being acknowledged in an "expeditious" way.
Chinaese Deputy Minister of Commerce Ma Xiuhong said both sides were conscious of the solid progress China had made in transitioning from a planned economy to a market-oriented one in the past 30 years.
"We still have some hurdles (to clear) we need (more) in-depth discussions," she said.alling the US position "positive", Ma said she hoped the issue would be resolved "within a short time". (ANI)