WASHINGTON, Jan. 15 (Xinhua) -- The China-U.S. phase-one economic and trade agreement has to a large extent addressed the concerns of both sides, Chinese Vice Premier Liu He said here Wednesday.

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-U.S. comprehensive economic dialogue, made the remarks during a briefing with Chinese press.

Asked about the main content of the deal inked by him and U.S. President Donald Trump at the White House, Liu said that based on the principle of equality and mutual respect, China and the United States have agreed to deepen two-way trade cooperation and expand trade volume in such sectors as agricultural products, manufactured goods, energy and services, so as to better meet people's growing needs for a better life.

The two sides have also agreed to further broaden market access, including further opening up of each other's financial markets, in order to provide more market opportunities for both Chinese and U.S. businesses, he added.

The two countries are committed to continuously improving their business environment, and have pledged to enhance intellectual property rights protection, encourage technological cooperation based on willingness and market conditions so as to better promote fair competition and stimulate the vitality of innovation and development of market players, said the vice premier.

Liu said the U.S. side has pledged to cancel some of its additional tariffs on Chinese products, marking a policy change from hiking to cutting additional tariffs.

Meanwhile, China and the United States will establish a bilateral assessment and dispute-resolving arrangements to address their economic and trade differences in a timely and effective manner, Liu said. Enditem

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