Wang Yi: China-U.S. phase one trade deal 'good news for all'

China and the United States' "phase one" trade agreement is good news for all and will "provide stability in global trade", Chinese State Councilor and Foreign Minister Wang Yi said Saturday when holding a joint press conference with his Slovenian counterpart Miro Cerar.

Chinese State Councilor and Foreign Minister Wang Yi (L) shakes hand with his Slovenian counterpart Miro Cerar, Ljubljana, Slovenia, December 14, 2019. [Photo: CGTN]

Wang's comments come after China and the U.S. agreed on the text of a phase one economic and trade agreement, according to Chinese officials on Friday. In the nine-chapter text, China agreed to increase imports of U.S. agricultural products, and the latter will gradually eliminate its tariffs on Chinese goods.

Wang welcomed the "phase one" trade deal between the two sides. Calling it a result of mutual respect and equal consultation, Wang believed the agreement meets the common interests of the two peoples as well as the expectations of the international community.

"It will help to shore up confidence in (the) world economy," said Wang, adding that the trade deal will help maintain international trade order.

The foreign minister said that China always opposes to resorting trade disputes through tariff hikes. "There is no winner in a trade war," he stressed, adding that China was also opposed to protectionism since it is against the rule of WTO.

Meanwhile, Wang also reiterated that the "phase one" trade deal between China and the U.S. does not target on any third party, pledging that China will deepen its reform and opening-up.

China's market is bound to expand, said Wang, calling for all the countries to grasp the opportunity and enter the market for fair competition. "We welcome all enterprises to enter China's market, we welcome more competitive products from European countries to enter China's market," the foreign minister noted.

Wang also noted that there were still many issues between the two sides that needed to be addressed in terms of the bilateral relations. He hoped the two countries can meet each other halfway, effectively manage their differences and push forward a coordinated, cooperative and stable relationship.

Wang made the remarks during his visit to Slovenia, the first visit by a Chinese foreign minister since 2008. He is expected to attend the Asia and Europe (ASEM) Foreign Ministers' Meeting in Spain on Sunday and Monday, said Chinese Foreign Ministry on Thursday.