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China, US ink initial accord to ease trade

by Jing Shuiyu in Beijing and Zhao Huanxin in Washington

Signing in Washington signals thaw in relations; world to benefit, experts say

The United States and China signed the long-awaited phase-one trade deal at the White House on Thursday morning Beijing time, capping a bruising battle that had lasted nearly two years.

The signing signaled a thaw in economic and trade relations between the world's two largest economies.

The deal, agreed to in mid-December after a dozen rounds of negotiations led by China's top trade negotiator and Vice-Premier Liu He and US Trade Representative Robert Lighthizer, was finally closed at a ceremony in the East Room of the White House that was attended by leading US officials and about 200 representatives of business, government and diplomatic circles.

The trade truce came 22 months after tensions flared between the world's top two economies in March 2018. It is widely expected to reduce the uncertainties that have dampened the business investment mood in both countries and around the world.

The signing of the phase-one deal will be beneficial to both countries and help bolster the global economy, analysts said. They also urged that concerted efforts be made to resolve potential uncertainties in the future.

Wei Jianguo, vice-president of the China Center for International Economic Exchanges in Beijing, said, "The conclusion of the pact benefits consumers and companies in both China and the US, and it will help restore confidence in the foundering world economy."

The deal proves that the two economies complement each other and that cooperation is the best choice for them, he said.

Looking ahead, it may be inevitable that China and the US will "step on each other's feet", but the conclusion of the phase-one deal will lead to dialogue in more fields and at deeper levels, Wei said.