In a speech Monday in London, the Chinese ambassador to the UK indicated the latest consultation between China and the United States demonstrated the responsibility of the major stakeholders. CGTN's Wang Xuan reports.

LIU XIAOMING CHINESE AMBASSADOR TO THE UK "For China, this outcome is in the interest of achieving high-quality development, to meet the growing consumption needs of Chinese people. For the US, this outcome will help cut trade deficit, support growth and employment. This outcome is conducive to global economic and trade stability and prosperity."

The China-US trade relationship and the direction it is heading will have a far-reaching impact on the development and stability of China, the US and the rest of the world.

LORD TOM McNALLY FELLOW OF THE 48 GROUP "I think what's encouraging from the weekend's news is that both have stepped back from the brink in terms of a trade war, that does give both sides and the rest of the world a chance to think constructively about the way ahead."

LORD STEPHEN GREEN OF HURSTPIERPOINT FORMER MINISTER OF STATE FOR TRADE AND INVESTMENT CHAIRMAN OF ASIA HOUSE "The US and China are the 2 largest economies in the world, 2 largest trade partners in the world, and therefore it matters to us all, whether there are good relationships in the international atmosphere, so everybody could engage successfully in investment and in trade. So it is important. It is a win-win result from the weekend. As the ambassador said, there is some way to go in the detail, but we have started off a very good direction."

LIU XIAOMING CHINESE AMBASSADOR TO THE UK "If China is a fast train to development, then everyone is welcome aboard to take a share of the benefit. The one important event is coming, the first international trade import expo to be held in Shanghai in November. We welcome all businesses to participate, to showcase their products and services. Here, I being the Chinese ambassador in the UK, I encourage British business to participate in this international expo. This is the very first time China opens market, we are doing nothing, just importing from the world, not exporting."

Those in attendance here said the expo offers compelling testimony of Chinese determination to open its market wider.

LORD TOM McNALLY FELLOW OF THE 48 GROUP "It is the first time I heard about it, I certainly want to go along to the promotion of it as the ambassador said today that it will come later this year. As I said, I think that offers a real opportunity for British and European companies to go to China and to set up their stores and make a real effort of their exporting."

WANG XUAN, CGTN London.