China-US trade accounts for roughly 4% of global trade. US is China’s largest trading partner measured by value, while China is the largest one-country trading partner of the US.

The $335 billion annual trade gap between the two countries had intensely threatened to ignite a global trade war. The potential implications from a dispute between the world's two biggest trade forces has recently risen concerns for shipping, with BIMCO noting that the main impact would be seen in the eastbound transpacific lane.

Speaking in an interview on Saturday, Mr. Liu, also a member of the Political Bureau of the Communist Party of China Central Committee and chief of the Chinese side of the China-US comprehensive economic dialogue, informed that the two sides agreed not to launch a trade war and to stop slapping tariffs against each other, which are the most remarkable fruits of the consultations, according to Xinhua news agency.

The two sides are planning instead to enhance their trade cooperation in such areas as energy, agriculture products, health care, high-tech products and finance, Mr. Liu added. Such cooperation is a win-win choice as it can promote the high-quality development of the Chinese economy, meet the people's needs, and contribute to the US effort to reduce its trade deficit, he explained.

Meanwhile, the two countries will also strengthen their cooperation in mutual investment and intellectual property protection, Liu said, adding that it not only benefits the two nations, but also helps support the stability and prosperity of the global economy and trade.

However, it may take time to resolve the structural problems in the bilateral economic and trade ties, he added.