China-US phase-one trade deal has economic, political importance, says Chinese vice premier

The just-signed China-US phase-one economic and trade agreement has both economic and political significance, as it eases trade tensions, erases market uncertainty, and benefits China, the United States, and the world, Chinese Vice Premier Liu He said here on Wednesday.

Liu, who inked the deal with US President Donald Trump in the White House earlier in the day, made the remarks during a briefing with some Chinese press in the afternoon.

As the world's two largest economies and two major countries with great responsibilities in international affairs, China and the United States have reached the deal "with the big picture in mind," Liu said.

"From an economic perspective, this agreement helps ease trade tensions and remove market uncertainty, thus being an agreement that stabilizes expectations, enhances confidence, creates opportunities and promotes prosperity," said the vice premier.

"Politically, the agreement is conducive to maintaining the stable and sound development of overall China-US relations, creating a good international environment, and promoting world peace and development," added Liu, also a member of the Political Bureau of the Communist Party of China Central Committee.

"It was for this reason that the news of China and the United States having reached the agreement received an immediate and massive welcome in both countries, the international community as well as the global financial markets," he said.

It has contributed "positive energy" to the stability and development of the world economy, the vice premier said.