"If it's a good outcome, it doesn't just benefit the U.S. and China, but it is also good news for the world economy", said foreign ministry spokesman Lu Kang.
The greenback was down almost 0.2 percent against the euro at $1.1560. China responded by imposing penalties on $110 billion of American goods, slowing customs clearance for U.S. companies and suspending issuing licenses in finance and other businesses.
The US officials arrived in Beijing on Monday for the first sit-down talks since President Donald Trump and Chinese leader Xi Jinping agreed on December 1 to a three-month truce in the escalating trade spat.
Beijing has tried to defuse pressure from its trading partners for more sweeping changes by offering concessions on investment regulations and stepping up purchases of American soybeans, natural gas and other exports.
The meetings were the first since Chinese President Xi Jinping and his USA counterpart Donald Trump agreed to a 90-day truce to the trade war at the G20 summit in Buenos Aires in December. As of 8:25 pm in Beijing, neither the Chinese side nor the Americans had released a statement - a possible sign of message coordination as the United States delegation returned to Washington. It's a tight window in which to nail down deep changes to China's economic model, some of which past US administrations advocated for years and USA lawmakers on both sides of the aisle support.
Asked if that meant the talks had been hard, Lu said: "I can only say that extending the consultations shows that the two sides were indeed very serious in conducting the consultations". In fact, the two sides may be even further apart on these underlying issues like forced technology transfer and intellectual property protection, among others, according to Bloomberg. Economists say the 90-day postponement of additional tariff increases that had been meant to take effect January 1 may be too short to settle the disputes bedeviling U.S. While signals from the latest round of talks were upbeat, if a deal is not reached by March 1, the USA side may follow through on raising tariffs on US$200 billion in Chinese goods from 10 per cent to 25 per cent.
Oil gains 2 percent, extending rally from December lows
The oil prices in 2018 saw the highest peak till October before giving up and depleting to the lowest value in the previous year . The current round of talks are scheduled to continue through Tuesday, with more senior-level discussions likely this month.
Beijing has said it will not give up ground on issues that it perceives as core.
However, the US side is pressing Beijing to scrap or change rules Washington says block market access or improperly help Chinese companies. Those include subsidies and other favors for high-tech and state-owned industry, rules on technology licensing and preferential treatment of domestic suppliers in government procurement.
China's commerce ministry said that this week's talks were "extensive, deep and thorough" and addressed "structural issues of common concern, which promoted mutual understanding and established a foundation for the resolution of each others' concerns". -China Business Council, which represents American companies that do business with China.
"I think China wants to get it resolved".
But it also said any deal with China must be followed up with ongoing verification and enforcement. -China trade tensions would slow global economic growth and dampen demand for crude. The US team was led by Deputy US Trade Representative Jeffrey Gerrish, who is reportedly closely aligned to Lighthizer.
The US delegation included representatives from the departments of energy, agriculture, treasury and commerce.