(MENAFN- Live Mint) Chinese Vice Premier He Lifeng is all set to hold economic and trade talks with the US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer on Thursday (local time), Xinhua reported, citing China's Ministry of Commerce.

Lifeng will lead a delegation to Malaysia from October 24 to 27, to attend the ASEAN summit. The event will be attended by US President Donald Trump too.

Meanwhile, US President Donald Trump will meet Chinese President Xi Jinping next Thursday in South Korea after addressing the Asia-Pacific Economic Cooperation (APEC) CEO Summit, the White House confirmed this week.

"On Thursday morning local time, President Trump will participate in a bilateral meeting with President Xi of the People's Republic of China, before departing to return home," Leavitt said.

The meeting comes at a pivotal time when the US has been locked in a 'trade war' with the country.

Tension has roiled US-China trade relations since Beijing dramatically expanded curbs on exports of rare earths this month in response to a US hike in the number of firms barred from purchasing American technology.

What's expected?

China's Commerce Ministry spokesperson said in a statement that the two sides will hold consultations on important issues in the China-US economic and trade ties in accordance with the important consensus reached by the heads of state of the two countries during their phone calls this year.

Meanwhile, Bloomberg reported that Trump is aiming for a quick win in a pivotal Thursday meeting with Chinese counterpart Xi Jinping, even if the outcome falls short of the sweeping deal he's teased on issues at the heart of the rivalry between the world's two largest economies.

Besides, US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer had said earlier that they would also head to Malaysia to discuss Beijing's curbs on exports of rare earths with Chinese officials.

Trump wants to extend pause on higher tariffs on Chinese goods

Ahead of the meeting, the US president reportedly said he wants to extend a pause on higher tariffs on Chinese goods in exchange for Xi resuming American soybean purchases, cracking down on fentanyl and backing off restrictions on rare-earth exports - all while maintaining some trade barriers he sees as essential.

“We'll make a deal on, I think, everything,” Trump was quoted by Bloomberg as saying this week.

According to Bloomberg, China's trade negotiators also aim to extend a 90-day tariff truce that's set to expire in November.

Pressure Putin to end Ukraine invasion

According to the report, Trump also floated an elusive agreement on nuclear weapons and expressed a desire to convince Xi to pressure Russian President Vladimir Putin to end his invasion of Ukraine.

Trump has insisted China must back down from severe export curbs that underscore Beijing's leverage as the world's dominant supplier and processor of rare-earth materials used in mobile phones, semiconductors and other technology.

But Xi sees its rare-earth dominance as a critical strategic advantage, making it doubtful he would back down without major compromises from the US.

“Both sides are clearly seeking stability in the relationship,” said Henrietta Levin, a former White House China adviser now at the Center for Strategic and International Studies.“But stability on whose terms is an open question, and one where I think unfortunately Beijing is holding the cards," the expert added.

The ASEAN and APEC summits will open on Sunday and Oct. 31, respectively. APEC summit is scheduled to take place in South Korea from October 30 to November 1 in Gyeongju.

(With inputs from agencies)

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