As the two countries set out to implement the phase-one deal, huge potential in bilateral trade is waiting to be tapped.

China is currently restructuring its economy and pursuing a quality-oriented growth pattern. It has also been rolling out a raft of measures to level the domestic playing field. For foreign entrepreneurs, U.S. investors included, a more open Chinese economy means more attractive and profitable business opportunities.

For the global community, a vibrant China-U.S. trade relationship will also contribute to global stability and prosperity. As International Monetary Fund (IMF) Managing Director Kristalina Georgieva recently commented, the China-U.S. phase-one trade deal will reduce the uncertainty that has impeded global economic growth, despite the depressing fact that, according to the IMF's calculation, the cumulative effect of the trade conflict could mean a loss of 0.8 percent of global gross domestic product, or around 700 billion dollars, by 2020.

In the next stage, to achieve an early and complete resolution of the trade issue, the two countries need to implement in good faith the trade pact as well as other important consensuses Chinese President Xi Jinping and his U.S. counterpart Donald Trump have reached on different occasions, so as to inject stability into the world economy during this uncertain time.

Currently, China is going all out in its fight against the novel coronavirus pneumonia epidemic, and has received donations from many sectors in the United States.

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