US officials fell short of securing ambitious gains in trade with China in a meeting on Wednesday and press conferences planned to cap off the event were canceled as the two countries wrapped up 100 days of trade talks.
Advancing President Donald Trump's agenda, Mnuchin said a fair and balanced trade means providing the same access for American firms in China as the U.S. provide for Chinese firms.
So far, China has agreed to resume purchasing US beef after a 14-year hiatus and committed to buy USA liquefied natural gas and open some parts of its financial services markets, such as card payment services.
In separate statements after the talks, the United States said China acknowledged the need to reduce the trade deficit, while the Chinese delegation said both sides would promote cooperation.
But amid a "frank exchange", the official said it was important that the Chinese delegation acknowledged the need to reduce USA trade deficit and work toward that goal.
"The two sides will expand areas of cooperation in services and increase trade in services; expand mutual investment, and create a more open, equitable, transparent and convenient investment environment", the embassy said.
In order to address the imbalance, China has been urging the United States to remove its outdated regulations on export control and increase the exports of high-tech products to China, said Zhu.
Chinese Vice Premier Wang Yang said the world's two biggest economies need to cooperate and warned that "confrontation will immediately damage the interests of both".
Chinese Vice-Finance Minister Zhu Guangyao said a major task for the CED was reviewing the progress on the consensus reached by President Xi Jinping and US President Donald Trump when they met in Florida in early April. Trump said that this would lead to better trade terms for China.
These include the sale of US beef in China for the first time in 14 years and commitments to open up narrow areas of China's financial services sector, such as credit card services and credit ratings agencies.
Fears of a trade war have risen since Trump lashed out at China last month over what he said was its failure to rein in North Korea's nuclear weapon ambitions. His administration has threatened new sanctions on small Chinese banks and other firms doing business with Pyongyang.
Steel producers in the United States, like U.S. Steel Corp and AK Steel, stand to benefit from protectionist tariffs which would enable them to raise their prices.
This could cast a shadow over their trade relations amid White House's threats to impose steel and aluminium tariffs on Beijing.
Potential steel tariffs, which could be announced in the coming weeks, were expected to be a hard topic in the U.S.
At the opening session on Wednesday morning, Mnuchin said the dialogue's goal was to pursue a "fair and balanced economic relationship" between the U.S. and China, addressing imbalances caused by Beijing's interventions in the Chinese economy, and communicating to revise existing policies and regulations or to reach new ones.
In the past, US and China had patchy business relations.
"We are disappointed the Comprehensive Economic Dialogue ended at an apparent impasse".
Mei Xinyu, a researcher at a Ministry of Commerce think tank, said a deal would take a "long time and several rounds of negotiation" because China was still getting used to Trump's tactics of demanding more at the start.
"Many expected at the 100-day point we would have much more substantive points of progress", Nicholas Hardy, a China scholar at the Peterson Institute for International Economics, explained to the WSJ, adding that U.S.
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