MOFCOM: China-U.S. meeting on trade successful

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00:38

The Chinese Ministry of Commerce (MOFCOM) said on Wednesday that the meeting between Chinese and U.S. officials on trade was successful.

"We are confident that consensus made between the two will be soon implemented," said a ministry spokesperson, adding that further trade talks would be held based on a clear timetable and roadmap in 90 days.

China will actively start with specific issues agreed by the two sides, said the spokesperson.

This comes just three days after Chinese President Xi Jinping met with his U.S. counterpart Donald Trump in Argentina on the sidelines of the G20 summit, where the two leaders agreed to suspend any new tariffs and instructed economic teams on both sides to step up negotiations on a concrete deal that is mutually beneficial and win-win.

China will continue to open its markets and expand imports, the Chinese side reaffirmed during the meeting. /VCG Photo

During the meeting, the Chinese side reaffirmed that it will continue to open its market, expand imports and address trade-related issues in its reform and opening up process and in line with the needs of its people.

A ray of hope

The U.S.- China trade tension has inflicted damages to the world's two largest economies. U.S. companies and industries felt the pinch due to increasing costs.

The latest de-escalation progress has sent positive signals to U.S. industry and trade groups, especially farmers who have borne the brunt of retaliatory tariffs.