U.S. urges China to implement planned economic reforms

The United States urged China on Tuesday to quickly implement planned reforms to open up its economy and said it will keep a close eye on progress as officials work to resolve remaining trade tensions with the world's second-largest economy. The Office of the U.S. Trade Representative (USTR) also said the United States would not hesitate to lodge new disputes with the World Trade Organization if bilateral talks on a range of contentious issues from agriculture to intellectual property failed. China, a $450 billion market for U.S. goods and services that has become a key source of revenue for some American companies, announced plans last month to steer its economy towards more sustainable growth and liberalize markets. The USTR said the reforms, which aim to boost productivity and switch the focus of China's economic model from goods exports to domestic consumption and services, had much in common with the U.S. trade agenda with China.

via Business News - Yahoo Finance http://finance.yahoo.com/news/u-urges-china-implement-planned-235221310.html