US seeks 'balanced' trade relationship with China

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WASHINGTON (AP) - The U.S. says it wants progress toward balanced trade ties with China at high-level talks under way in Washington. The annual joint commission on commerce and trade meeting comes weeks after President Barack Obama's re-election and the elevation of new leaders of China's ruling Communist Party. Washington will be looking for signs of the economic policy direction under new Chinese leader Xi Jinping. The U.S. wants China to stimulate domestic demand and become less reliant on export growth and allow more market access for American companies. In remarks Wednesday, acting U.S. Commerce Secretary Rebecca Blank urged progress toward a "balanced and ever-growing trade relationship" between the world's two largest economies. Chinese Vice Premier Wang Qishan said the world economy is not in good shape and countries need to ensure growth.

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