China stocks gain on trade war hopes

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

It comes ahead of a key meeting between Mr Trump and China's President Xi Jinping at the G20 summit this month.

However, the Trump administration is still set to slap tariffs on all Chinese imports if these talks fail.

But Trump described the call between the two leaders as "a long and very good conversation" and said "discussions are moving along nicely".

Beijing and Washington have been involved in a trade spat since April 2018, when the USA started imposing steep tariffs on goods from China.

Chinese tech stocks traded in the United States are surging across the board.

Attorney General Jeff Sessions, center, announces the creation of a new initiative to crack down on Chinese intelligence officials pilfering intellectual property from US corporations during a press conference in Washington, Nov. 1, 2018.

Xi responded to the call by saying he hopes China and the US will be able to promote a steady and healthy relationship, Chinese state media reported Thursday.

The news agency said it was not clear if Trump was easing up on demands that China has resisted, and it cited one person as saying intellectual property theft was a sticking point on a possible deal.

Trump on Thursday said he had "very good" talks with Xi on the growing trade conflict between the two economic giants.

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However, a senior Trump administration official on dismissed the report as untrue, a CNBC reporter said in a post on Twitter.

US President Donald Trump delivers his speech as he and China's President Xi Jinping meet business leaders at the Great Hall of the People in Beijing, China, November 9, 2017.

'We're going way up, and China has been hurt over the last number of months. "China does not want to see this", he said, according to Xinhua.

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.

Meeting a group of Republican lawmakers in Beijing, China's Li noted the China-U.S. relationship's "ups and downs" over the past four decades of diplomatic ties. "China would love to make a deal", Trump told Breitbart at the time.

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'.

Alexander said he would be discussing trade with Li, though neither of them mentioned the ongoing tariff war in remarks in front of reporters.

The two nations had already imposed tariffs on $50 billion of each other's goods before the September sanctions.

Beijing responded by introducing reciprocal tariffs on US-made goods.

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