One U.S. bank and one Chinese bank will be appointed to act as clearing banks for yuan business in the U.S., he added.
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USA business groups have also complained about new Chinese regulations they say favour local firms and make it more hard to operate in China, as well as other laws related to national security.
Kerry called for nations involved in territorial disputes in the South China Sea to find a “peaceful resolution based on the rule of law”.
Meanwhile, Lew said China has committed to curbing its steel capacity and winding down weak state enterprises.
North Korea’s missile and nuclear provocations and how to respond to them are another irritant in the relationship.
“While efforts over the past several days can not resolve our concerns, they do represent real progress”, U.S. Treasury Secretary Jacob Lew said.
An editorial in the state-run tabloid Global Times on Tuesday, titled, “China-U.S. tension eased a bit by dialogue”, points out that talks on the twin security and economic platforms, were “a chance to sort out the bilateral relationship”.
Still, the top American diplomat stressed the importance of cooperative relations.
The back and forth between the USA and China, mirrored China’s vocal response in the SCS to President Barack Obama’s “Pivot to Asia” doctrine, which plans to position almost 60 per cent of US military forces in the Pacific.
The potential motivation for China to build on the shoal is a coming global arbitration ruling on a case brought by the Philippines against China’s sea claims.
Many European nations share those concerns, arguing that their markets are far more open to Chinese investment than China is to European companies.
On May 18, the U.S. Commerce Department paved the way to levy a 522% anti-dumping import duty on Chinese-made cold-rolled flat steel, in response to U.S. steelmakers claims that the Chinese government is unfairly subsidizing its steel exports. Chinese President Xi Jinping also emphasized that there are “differences that can not be resolved for the time being” between the two countries. Brunei, Malaysia, Philippines, Taiwan and Vietnam also claim territory within the South China Sea.
U.S. Treasury Secretary Jacob Lew says China has agreed to try to slash excess output of steel and to avoid competitive devaluations of its currency in high-level talks in Beijing.
This year, the China delegation is headed by State Councillor Yang Jiechi and Vice-Premier Wang Yang to meet with their U.S. counterparts, including U.S. Secretary of State John Kerry and Treasury Secretary Jacob Lew.
Beijing said over the weekend it would ignore an upcoming global arbitration decision in a dispute with the Philippines.
On the Korean nuclear issue, China has reaffirmed its position in favor of pushing for denuclearization while maintaining peace and stability across the Peninsula, and will pursue the settlement of issues peacefully through dialogue and consultation, Yang said.
Kerry also cited human rights and China’s crackdown on lawyers and freedom of religion. Beijing apparently aims to build a runway and radar installations to pave the way for establishing an air defense identification zone over the area.
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He expressed concern about a new law on nongovernmental organizations, urging China to let NGOs function across the country.
