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China Talks Stalled Over Trump’s Demands on High-Tech Industries, Source Says

  • Liu He said Xi was ready to fight back in trade war: Person
  • China had proposed cutting deficit by $50 billion: Person
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Xi pledged a "new phase of opening up" in his keynote address. Bloomberg’s Tom Mackenzie reports.(Source: Bloomberg)
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Trade talks between the world’s biggest economies broke down last week after the Trump administration demanded that China curtail support for high-technology industries, a person familiar with the situation said, signaling that a resolution may be some ways off.

Liu He, a vice premier overseeing economics and finance, told a group of officials Thursday that Beijing had rejected a U.S. request to stop subsidizing industries related to its “Made in China 2025” initiative, the person said. The U.S. has accused China of using the policy to force companies into transferring technology in areas like robotics, aerospace and artificial intelligence.