The Wall Street Journal, citing sources briefed on the negotiations, reported the two nations made progress on trade issues related to China's purchases of USA goods and services but said the "the two sides are far from striking a deal".
However, the official Trump put in charge of the talks, US Trade Representative Robert Lighthizer, has focused on pressing Beijing to scrap or change rules Washington says block market access or improperly help Chinese companies.
Key decisions on some of the tougher issues are expected to be left for future rounds of talks, such as U.S. complaints that Beijing's policies force American companies to hand over technology and unfairly boost Chinese firms with subsidies.
The U.S. delegation was led by Deputy U.S. Trade Representative Jeffrey Gerrish and accompanied by senior officials from the White House, U.S. Trade Representative (USTR), and the U.S. Departments of Agriculture, Commerce, Energy, and Treasury, according to the USTR.
-China Business Council. "That is very positive". USA officials are expected to host China's top trade negotiator, Vice Premier Liu He, in Washington later this month, a source told CNN on Monday.
Stocks rose across Asia and Europe, and equity futures indicated an increase in the USA on Wednesday, on signs the world's two largest economies are trying to resolve their trade war.
President Donald Trump and President Xi Jinping have given their officials until March 1 to reach an accord on "structural changes" to China's economy on issues such as the forced transfer of American technology, intellectual-property rights, and nontariff barriers.
In December, top Trump administration officials had said the trade commitments amounted to $1.2 trillion, but did not specify the composition or time period.
North Korea's Kim Visits Beijing Amid US-China Trade Talks
Kim may also seek China's support amid tight global and USA sanctions on North Korea. Four of Kim's trips have been to China, signaling its importance to North Korea.
Members of the US delegation told reporters the talks progressed well.
USA stocks surged Wednesday on optimism that the midlevel talks in Beijing will be followed up with discussions between higher-ranking US and Chinese officials.
In return, the US will agree to wind down exorbitant tariffs now placed on Chinese imports. "It's been a good one..."
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. These include expanded Chinese purchases of American products, greater protections for USA intellectual property, constraints on Chinese industrial policy, and enforcement and verification of follow-through by China.
"China would need to significantly recalibrate its industrial policies to fully meet the USA trade team's demands", Nick Marro of the Economist Intelligence Unit said in a report. Hong Kong's main market index closed up 2.1 percent and Tokyo rose 1.1 percent. Forecasters expect American orders to slump this year. "We hope your company can become an in-depth participant in China's opening and a promoter of the stability of Chinese-U.S. relations".
For its part, Beijing is unhappy with USA export and investment curbs, such as controls on "dual use" technology with possible military applications.
Trump imposed import tariffs on hundreds of billions of dollars of Chinese goods to pressure Beijing to change its practices on issues ranging from industrial subsidies to hacking. They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.