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Reports: China hopes to renegotiate the Phase One agreement

China’s state-run media says the country looks forward to working with the Biden Administration to restore predictability and trust in U.S.-China relations. 

In an editorial, the China Daily newspaper said an “obvious” first step would be to revive trade talks between the two countries.

An independent publication, The South China Morning Post, says advisers to the Chinese government are pushing for a renegotiation of the Phase One trade agreement, which they see as “twisted” in favor of the U.S.  They say the agreement’s import targets are unrealistic and need to be lowered.  They are also calling for reduced tariffs on Chinese exports to the U.S.

The article says Biden’s announcement that he will rejoin the Paris climate agreement and the World Health Organization could open the door to better cooperation with China.

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