Phase-1 trade deal with US 'addressed' mutual concerns, 'good' for both sides: China

China on Thursday said the phase-1 trade deal signed with the US "considerably addressed" mutual concerns and is "good" for both the countries, as the world's two top economic powers move forward to end their bitter two-year tariff war that has rattled markets and weighed on the global economy.

On Wednesday, China and the US signed the deal in Washington, raising hopes of improvement of trade ties between the two countries hit by the tit-for-tat tariff hikes of nearly half-a-trillion dollars worth of products.

The deal was signed by US President Donald Trump and Chinese Vice Premier and top trade negotiator Liu He at a special ceremony at the White House.

Briefing the Chinese media after signing the deal, Liu said the phase-1 trade agreement has "considerably addressed the concerns" of both sides.

It has both economic and political significance with bearing on world peace and prosperity, state-run Xinhua news agency quoted Liu as saying.

The deal has injected positive energy into the stability and development of the world economy, he said, adding that China's commitments under the deal on intellectual property rights (IPR) protection, technology transfer and financial market opening would also be applied to Beijing's other trading partners.

China will further deepen domestic reforms and open up wider to the outside world, Liu said.

Commenting on the state of the Chinese economy, which was on a slowdown due to the trade war, Liu said China's gross domestic product is estimated to record over six per cent for the full year of 2019, which would fulfil the annual growth target between 6 and 6.5 per cent.

While Trump praised the deal, asserting that it "marks a sea change in international trade", Chinese President Xi Jinping said the agreement "is good for China, for the US and for the whole world".

In his letter to Trump, that was read out by Liu during the signing ceremony, Xi said, "It (the deal) shows that the two countries have the ability to act on the basis of equality and mutual respect, and work through dialogue and consultation to properly handle and effectively resolve relevant issues."