China says Xi-Trump phone call on trade 'extremely positive'

Chinese tech stocks are going bananas after Trump said he had a 'good conversation' with Xi Jinping on trade

Trump and Xi both expressed optimism about resolving their bitter trade disputes ahead of a high-stakes meeting planned for the two leaders at the end of November in Argentina.

Dealers were set for a strong end to a healthy week after Mr Trump's tweet, which was a rare sign of hope in the months-long stand-off between the world's top two economies that many fear could batter global growth. Trump administration officials have said that trade talks with China can not resume until Beijing comes up with specific actions it is willing take to meet USA demands for sweeping changes to policies on technology transfers, industrial subsidies and market access.

China has been hurt over the past months and is having a "hard time" due to strong steps taken by the USA against it over trade, United States president Donald Trump has claimed.

"I hope that China and the US will meet each other halfway and will appropriately handle their differences with mutual respect and equal cooperation", stated the Chinese premier.

Trump said the American economy is doing well and he has been receiving congratulatory message from across the world.

Meeting a group of Republican senators and one congresswoman in Beijing, Li said that over the past four decades of diplomatic ties, the China-U.S. relationship has had its "share of ups and downs".

A Justice Department indictment targeted 2 companies based in China and Taiwan and 3 individuals, saying they conspired to steal trade secrets from USA semiconductor company Micron Technology Inc.

The onshore yuan was headed for its biggest two-day advance in more than 11 years amid prospects that China and the USA are working toward a possible deal in a trade war that has roiled global financial markets.

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"It is possible some good positive things could - I say could - come out of President Trump-President Xi talks".

Speaking at a meeting with a group of visiting USA congressmen led by Republican Senator Lamar Alexander of Tennessee, Premier Li Keqiang said he hoped the two sides "will meet each other halfway and work together in the spirit of mutual respect and equality".

Trump has imposed penalty tariffs of up to 25 per cent on $250 billion USA of Chinese goods in a dispute over Beijing's plans for state-led development of technology industries.

'We're going way up, and China has been hurt over the last number of months.

The two countries have been locked in an escalating trade battle, with each side imposing tariffs on billions of dollars worth of imports from each side.

The U.S. president said Wednesday that he'd like to sit down and make a "fair deal" with China on trade that would eliminate the need for the massive tariffs he's put on the nation.

Tennessee Senator Lamar Alexander told Li that the delegation was there 'to show our respect to a great country and a great people, ' and that the two countries 'are competitors but not adversaries'.

Xi said he was "very happy" to talk to Trump again and attaches "great importance to good relations with the president", according to China's official Xinhua news agency.

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