A big development has been made in the trade tensions between China and the U.S., after Chinese President Xi Jinping met his American counterpart Donald Trump in Buenos Aires. The two sides have agreed to step back from the brink, with an agreement to stop imposing new tariffs on January 1.

During a working dinner, President Xi and Trump, along with their delegations, also decided to step up negotiations toward eliminating all other tariffs. 

Xi said as the world's two largest economies, China and the U.S. shoulder important responsibilities in world peace and stability, making cooperation the best choice. 

He said the two sides should work together to get trade relations back to normal, and that the consensus reached will be good for the global economy. 

He also said China will speed up its reform and opening up and expand imports. The two presidents agreed that the two countries "can and should" ensure the success of China-U.S. relations. 

Echoing Xi's comments, Trump called the meeting "amazing" and "productive". He said the U.S.-China relationship is "very special", noting the countries' important role in the world. 

The U.S. hopes to do more work with China in areas including education, cultural exchange and law enforcement. 

As for Taiwan, Trump said his government sticks to the "One-China Policy". The two heads of state also discussed the denuclearization of the Korean Peninsula -- with Trump praising China's positive role in the issue.

Wang at the press briefing

Chinese State Councilor and Foreign Minister Wang Yi made remarks at a briefing following the closely watched Xi-Trump working dinner that concluded earlier in the day.

The two sides decided to avoid escalation of restrictive trade measures, without further raising existing tariffs imposed on each other and slapping new additional tariffs on other products, Wang said.

They also agreed to step up negotiations toward the elimination of all additional tariffs, and work to reach a detailed pact that is mutually beneficial, Wang added.

The Xi-Trump meeting was friendly, candid and constructive, Wang said, adding that the two have agreed to "have further exchange of visits at an appropriate time".

The two heads of state spoke highly of positive and effective consultations held recently by the economic and trade teams of both sides.

The two sides agreed to take immediate efforts to address issues of mutual concern based on mutual respect, equality and mutual benefit.

China is willing to expand imports according to the needs of the domestic market and the people, including the purchase of marketable goods from the U.S., and gradually ease the problem of trade imbalance.

As required by the 19th National Congress of the Communist Party of China, Beijing is committed to deepening reform and furthering opening-up. In the process, some economic and trade issues that are of Washington's concern will be solved. Meanwhile, the U.S. side will actively address China's concerns on economic and trade issues.

The two sides recognized that their healthy and stable economic and trade relations conform to common interests of the two countries and the whole world.

The consensus reached between the two sides not only effectively prevents the further expansion of the current trade frictions, but also light up new prospects for win-win cooperation between the countries. 

Wang said that China and the U.S. "can and should" ensure the success of their relations. 

The two countries shoulder increasing responsibilities for world peace and stability, and they have more common interests than differences, Wang noted.

(Li Shiyu, Zhang Chenzhi also contributed to the story.)