The latest round of China-U.S. trade talks made "important progress" for its current stage, and the two sides had "candid, specific and fruitful" discussions, according to a statement from the Chinese delegation in Washington on Thursday local time.

The two sides also made a timetable and plan for the next round of negotiations, according to Xinhua.

The two sides attached great importance to intellectual property rights protection and technology transfer and agreed to strengthen cooperation. Building a market of open and fair competition is in line with China's reform and opening-up. China will actively respond to the U.S.' concerns.

The two sides agreed to take effective measures to promote balanced trade. China will expand imports of agricultural products, energy products, manufactured goods and service products from the U.S. to meet the needs of China's high-quality economic development and the people's wellbeing.

Both sides exchanged views on China's specific concerns, with the U.S. side saying it would take China's concerns seriously.

Both sides agreed on the importance of establishing an effective two-way implementation mechanism, which would help to ensure talks on each point will be implemented. The two sides have reached a consensus on the framework and basic principles of the implementation mechanism, and will continue to refine it.

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Statement of the United States Regarding China Talks

Issued on: January 31, 2019

For the last two days, high-ranking officials from the United States and China have engaged in intense and productive negotiations over the economic relationship between our two countries. The United States appreciates the preparation, diligence, and professionalism shown throughout these meetings by Vice Premier Liu He and his team.

The talks covered a wide range of issues, including: (1) the ways in which United States companies are pressured to transfer technology to Chinese companies; (2) the need for stronger protection and enforcement of intellectual property rights in China; (3) the numerous tariff and non-tariff barriers faced by United States companies in China; (4) the harm resulting from China's cyber-theft of United States commercial property; (5) how market-distorting forces, including subsidies and state-owned enterprises, can lead to excess capacity; (6) the need to remove market barriers and tariffs that limit United States sales of manufactured goods, services, and agriculture to China; and (7) the role of currencies in the United States–China trading relationship. The two sides also discussed the need to reduce the enormous and growing trade deficit that the United States has with China. The purchase of United States products by China from our farmers, ranchers, manufacturers, and businesses is a critical part of the negotiations.

The two sides showed a helpful willingness to engage on all major issues, and the negotiating sessions featured productive and technical discussions on how to resolve our differences. The United States is particularly focused on reaching meaningful commitments on structural issues and deficit reduction. Both parties have agreed that any resolution will be fully enforceable.

While progress has been made, much work remains to be done. President Donald J. Trump has reiterated that the 90-day process agreed to in Buenos Aires represents a hard deadline, and that United States tariffs will increase unless the United States and China reach a satisfactory outcome by March 1, 2019. The United States looks forward to further talks with China on these vital topics.