China's statement on the first phase of the China-US economic and trade agreement

China's statement on the first phase of the China-US economic and trade agreement

Thanks to the joint efforts of the Chinese and American economic and trade teams, the two sides have reached an agreement on the text of the first-phase economic and trade agreement between China and the United States on the basis of the principles of equality and mutual respect. The text of the agreement includes nine chapters: preamble, intellectual property, technology transfer, food and agricultural products, financial services, exchange rates and transparency, expanded trade, bilateral assessments and dispute settlement, and final clauses.

At the same time, the two sides reached an agreement that the United States will fulfill its relevant commitments to phase out tariff increases on Chinese products in stages and realize the transition from increasing to decreasing tariffs.