China pledges to buy 'substantial amount' of USA goods: USTR

U.S. President Donald Trump speaks to the media as he departs for Camp David from the White House in Washington

China pledges to buy 'substantial amount' of USA goods: USTR

No details were immediately announced, but Asian stock markets rose after talks planned for two days were extended to three.

The U.S. -China Business Council, a group representing American companies doing business in China, said January 9 that it welcomed the "substantive discussions" during the talks, but urged the two sides to reach "measurable" results.

"We can confidently say that enough progress was made that the discussions will continue at a higher level", said Craig Allen, president of the U.S.

Gao did not comment, however, on whether he was confident that the talks could be wrapped up in the 90-day period laid out by President Donald Trump and China's Xi Jinping.

ANALYST'S TAKE: "The potential of movement on China-U.S. trade means a moderation of extreme bearishness around the outlook for global growth", Michael McCarthy, chief market strategist at CMC Markets in Sydney, said in an interview.

Chinese foreign ministry spokesman Lu Kang said a one-day extension in talks showed both sides are serious about the negotiations.

China lodged a "stern" diplomatic protest with the United States on Monday after its guided-missile destroyer sailed near disputed islands in the South China Sea, asserting that America should stop such "provocative" action and create an enabling environment for successful negotiations on the ongoing trade dispute.

The United States says talks on ending a bruising trade war focused on Chinese promises to buy more American goods but gave no indication of progress on Beijing's technology ambitions and other thorny issues.

The results of the talks would be analysed at a separate meeting between USA trade representative Robert Lighthizer and Chinese Vice-Premier Liu He.

A statement from the Office of the US Trade Representative said negotiators will "report back to receive guidance on the next steps".

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Negotiators from both the USA and China expressed optimism after mid-level talks wrapped in Beijing this week, boosting sentiment across global markets.

Earlier on Tuesday, China approved five genetically modified (GM) crops for import, a move seen as a "goodwill gesture" by some in the US agriculture industry that could boost China's overseas grains purchases and ease pressure from the United States to open its markets to more farm goods.

The US imposed tariffs on more than $250bn (£195.6bn) worth of Chinese goods, with the threat of more to come.

However, the USTR statement emphasized American insistence on "structural changes" in Chinese technology policy, market access, protection of foreign patents and copyrights and cyber theft of trade secrets.

Trump hiked tariffs on $250 billion of Chinese goods over complaints Beijing steals or pressures companies to hand over technology.

As the trade talks wound down, China's top economic official, Premier Li Keqiang, met with CEO Elon Musk of electric vehicle brand Tesla Inc.

The Chinese side was led by Commerce Vice Minister Wang Shouwen. China responded by targeting USA goods valued at $110 billion, the BBC reported.

America is seeking assurances that China will buy more products from the U.S.in order to reduce the trade deficit, and it wants a fairer playing field for US companies that do business inside China, NPR has reported.

A reduction in Chinese imports of USA goods came quickly after the retaliatory imposition of tariffs, the data show.

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