China hints at 'new progress' in trade dispute with US

China and the US "made new progress" on the issues of trade balance and intellectual property during a phone call between officials from the two countries, China's commerce ministry said Sunday. Both sides are engaged in a bruising trade war but relations have thawed since Chinese President Xi Jinping and US President Donald Trump agreed to a 90-day truce earlier this month.

"On December 21, China and the US conducted a phone conversation at a vice-ministerial level, exchanging views on issues such as trade balance and strengthening intellectual property protection, and made new progress," the Ministry of Commerce said in a short statement. This is the second such phone call phone call announced by the commerce ministry this week -- on Wednesday, Beijing and Washington discussed "economic and trade issues".

China's legislature on Sunday also announced that it is looking at a new law governing foreign investment that would prevent the forced transfer of technology and give foreign firms the same privileges as Chinese companies. US and EU officials have long complained of a lack of fair access for foreign companies in China, as well as rampant theft of intellectual property.