Chinese Vice President Wang Qishan said on Tuesday that China is ready to hold discussions with the United States and work to resolve trade disputes because confrontation will hurt the two largest economies in the world. Beijing and Washington have traded charging for goods in recent months in a bitter and escalating dispute that has shaken financial markets International Economy.

 

US President Donald Trump's meeting with his Chinese counterpart is now under way at the end of the month. Trump has threatened to impose charges on imports from China worth $ 267 billion if the two sides do not reach a trade deal.

 

"Both China and the United States want to see greater economic and trade cooperation," Wang said at the Bloomberg Forum for the New Economy in Singapore.

 

"The Chinese side is ready to hold discussions with the United States on issues of common interest and work towards a trade settlement acceptable to both sides," he said.

 

"The world now faces major problems that require close cooperation between China and the United States," he said.

 

"We firmly believe that China and the United States will make gains from cooperation and will lose as a result of the confrontation," he said.

 

Wang reiterated President Jiang's remarks on Monday at a major trade fair, saying Beijing would adopt greater openness amid growing differences with the United States.

 

On Monday, Trump, who is scheduled to meet Shee at the G20 summit in Argentina later this month, said China wanted to reach an agreement.

 

"If we can conclude a good and fair agreement, we will, and we will not, if we do not."