Liu, the chief negotiator in the trade talks, told a virtual reality conference in Nanchang, the capital of southeastern Jiangxi province, that China and the US made “substantial progress in many fields, laying an important foundation for the signing of a phased agreement,” CNBC reported. The two countries reached a limited deal last week seeking to end the trade war that has rocked global markets. Both sides are working toward a written agreement.
“Stopping the escalation of the trade war benefits China, the US and the whole world. It’s what producers and consumers alike are hoping for,” Liu said.
The Chinese vice premier said on Saturday that China will step up investment in core technologies to accelerate economic restructuring, adding that economic prospects remain “very bright” despite China’s third-quarter economic growth slowing to an annual 6.0%.
“We’re not worried about short-term economic volatility. We have every confidence in our ability to meet macroeconomic targets for the year,” Liu said.
Liu noted improved relations between China and the United States benefited the world.
“Growth in Sino-US economic and trade cooperation is connected to peace, stability and prosperity of the whole world. China and the US can meet each other halfway, based on equality and mutual respect, addressing each other’s core concerns, striving to create a good environment and achieving both sides’ common goals,” he added.
The International Monetary Fund estimated that a tentative trade deal reached by Washington and Beijing last week could reduce the harm done by tit-for-tat tariffs imposed by both countries over the past 15 months, limiting the damage for the global growth to 0.6%.