China and the United States issued a joint¹ statement on Saturday on economic and trade consultations², vowing³ not to launch a trade war against each other.

 

本周六，中美发表一份关于经贸磋商的联合声明，承诺不再互相发起贸易战。

 

Based on the directions of Chinese President Xi Jinping and U.S. President Donald Trump⁴, the Chinese and U.S. delegations⁶ conducted constructive⁷ consultations on trade issues on Thursday and Friday, the statement said.

 

The two sides agreed to take effective measures to substantially decrease the U.S. trade deficit⁸ in goods with China.

 

China will significantly increase its purchase of U.S. goods and service to meet the consumption needs of the Chinese people and propel the high-quality economic development of China, which also helps support the U.S. economic development and employment, according to the statement.

 

The two nations agreed to meaningfully increase the export of U.S. agricultural and energy products. The U.S. side will send a delegation⁵ to China for further consultations.

 

The two sides talked about the expansion of trade on manufactured goods and service, and have reached consensuses⁹ to create favorable conditions to increase trade in those areas.

 

The statement said that the two sides highly valued intellectual property protection and agreed to promote cooperation in this regard.

 

China will promote revision of related laws and regulations including the Patent Law, according to the statement.

 

The two sides also agreed to encourage the two-way investment, and committed to creating a business environment for fair competition.

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