May 12, 2017 4:10 pm JST

China agrees to allow US beef imports

Washington reciprocates by easing stance on Beijing's Belt and Road Initiative

SETSUO OTSUKA, Nikkei staff writer

China has pledged to allow imports of U.S. beef that meets international safety standards.

NEW YORK -- Beijing has promised to scrap a U.S. beef import ban and allow greater market access to U.S. financial companies, while Washington has eased its stance on China's initiative to build a regional economic bloc, according to details revealed Thursday of an agreement between the two countries.

The details come from the 100-day plan agreed to between U.S. President Donald Trump and Chinese President Xi Jinping when the latter visited the U.S. in April.

According to the U.S. Department of Commerce, China has pledged to start allowing imports of U.S. beef that meets international safety standards.

In the financial sector, Beijing will allow foreign businesses to operate credit rating services, as well as let U.S. financial companies underwrite and settle bonds.

In return, Washington has acknowledged the importance of China's Belt and Road Initiative to create a connected series of trade links spanning Asia and Europe. It has also promised to dispatch representatives to an event to be held in Beijing this month related to the initiative.

The countries have also agreed to work out a yearlong plan.

The apparent progress in trade talks with China may prompt Washington to turn up the heat on Japan to allow greater market access for U.S. products.

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