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| US embarks on key Chinese talks | US embarks on key Chinese talks |
| (10 minutes later) | |
| US Treasury Secretary Henry Paulson has arrived in Beijing for what is thought to be one of the most important US trade delegations to China in months. | US Treasury Secretary Henry Paulson has arrived in Beijing for what is thought to be one of the most important US trade delegations to China in months. |
| Key topics include currencies, access to markets and information piracy. | Key topics include currencies, access to markets and information piracy. |
| The delegation includes the Federal Reserve's head Ben Bernanke and US Trade Representative Susan Schwab. | The delegation includes the Federal Reserve's head Ben Bernanke and US Trade Representative Susan Schwab. |
| This week marks five years since China joined the World Trade Organization, but the US feels China still has much to do to open its markets as required. | This week marks five years since China joined the World Trade Organization, but the US feels China still has much to do to open its markets as required. |
| 'Barriers' | 'Barriers' |
| The visit comes days after the US issued a report assessing China's record in implementing requirements demanded by the WTO. | The visit comes days after the US issued a report assessing China's record in implementing requirements demanded by the WTO. |
| "China has taken many important steps to implement its WTO obligations, but on the fifth anniversary of its WTO membership, China's overall record is decidedly mixed," said Susan Schwab following the report. | "China has taken many important steps to implement its WTO obligations, but on the fifth anniversary of its WTO membership, China's overall record is decidedly mixed," said Susan Schwab following the report. |
| Ms Schwab also said come industries face "frustrating barriers" when doing business in China, and highlighted concerns that China's market liberalization had been slowing down in the past year. | Ms Schwab also said come industries face "frustrating barriers" when doing business in China, and highlighted concerns that China's market liberalization had been slowing down in the past year. |
| But analysts also say China has transformed into a far more sophisticated nation in the past five years - and that Mr Paulson and his mission will face a country that is more assertive in trade matters. | But analysts also say China has transformed into a far more sophisticated nation in the past five years - and that Mr Paulson and his mission will face a country that is more assertive in trade matters. |
| The trip comes amid mounting pressure for China to reform its currency, and a day after data showed that China has replaced Mexico as the second largest trading partner with the US. | The trip comes amid mounting pressure for China to reform its currency, and a day after data showed that China has replaced Mexico as the second largest trading partner with the US. |
| The US - the world's largest economy - posted figures showing its deficit with China had risen by 6.1% in October compared with the previous month. | |
| Critics blame the growing deficit with China largely on China's currency, the yuan, being artificially weak. | Critics blame the growing deficit with China largely on China's currency, the yuan, being artificially weak. |
| This makes Chinese exports to the US cheap in comparison with US goods. | This makes Chinese exports to the US cheap in comparison with US goods. |
| 'Effective rules' | 'Effective rules' |
| The summit, which is being billed as a "strategic economic dialogue", follows a range of commercial deals signed between the two nations. | The summit, which is being billed as a "strategic economic dialogue", follows a range of commercial deals signed between the two nations. |
| Commercial engagement built on fair, effective rules is the foundation of the healthy, strong and continually growing trade relationship that we envision between China and the US Commerce Secretary Carlos Gutierrez | Commercial engagement built on fair, effective rules is the foundation of the healthy, strong and continually growing trade relationship that we envision between China and the US Commerce Secretary Carlos Gutierrez |
| US retailer Home Depot bought a chain of Chinese DIY stores, while GE Aviation is selling engines to a Chinese airline. | US retailer Home Depot bought a chain of Chinese DIY stores, while GE Aviation is selling engines to a Chinese airline. |
| "Commercial engagement built on fair, effective rules is the foundation of the healthy, strong and continually growing trade relationship that we envision between China and the US," said Commerce Secretary Carlos Gutierrez, following the deals. | "Commercial engagement built on fair, effective rules is the foundation of the healthy, strong and continually growing trade relationship that we envision between China and the US," said Commerce Secretary Carlos Gutierrez, following the deals. |
| As well as trade, a key topic of discussion will be piracy. | As well as trade, a key topic of discussion will be piracy. |
| On Wednesday, China's official news agency announced a campaign to tackle manufacturers of fake goods. | On Wednesday, China's official news agency announced a campaign to tackle manufacturers of fake goods. |
| US officials say Chinese pirated goods cost genuine producers as much as $50bn (£24.4bn; 37.8bn euros) annually in lost earnings. | US officials say Chinese pirated goods cost genuine producers as much as $50bn (£24.4bn; 37.8bn euros) annually in lost earnings. |