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China can't meet‘draconian' US demands, says ex-Goldman exec


SHANGHAI: China has moved quickly to meet “reasonable demands” from the U.S. to help end the ongoing trade war but shouldn’t dismantle its governance model as some in U.S. President Donald Trump’s administration want, former Goldman Sachs China chairman Fred Hu said Monday.

Lower taxes on automobile imports and a new law banning forced technology transfers were sincere efforts by Beijing to resolve a U.S.-China trade conflict that has roiled markets for almost a year, Hu said at an annual conference on Greater China organised by UBS Group AG. Hu, founder of the investment firm Primavera Capital Group, is also on the board of UBS.

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