Cooperation best for both China and US, Xi tells Trump

Global investors have cited the US-China trade war as a factor rattling markets

Global investors have cited the US-China trade war as a factor rattling markets

Trump and Xi agreed to a ceasefire in the trade war at the G20 summit in the Argentine capital, Buenos Aires, in December, deciding to hold off on imposing more tariffs for 90 days beginning on December 1 while they negotiate a deal to end the dispute following months of escalating tensions.

Trump wrote on Twitter that he had "a long and very good call" with Xi over a possible deal.

Both the USA and China spoke of progress Saturday after telephone talks between their leaders over a trade war that has rattled global markets.

Chinese President Xi Jinping (left) and US President Donald Trump in Florida earlier this year.

Facts have fully shown that the development of China-US ties has not only delivered huge benefits to the two peoples but also contributed to peace, stability and prosperity of the Asia-Pacific region and the world, he added.

"History has proved that cooperation is the best choice for both sides", Xi said, adding that China-US relations are in an important stage.

Also in Argentina, the United States and China reached a 90-day agreement to postpone more tariff hikes and allow for further negotiations, after Xi agreed to purchase "a very substantial amount" of American goods, including in the agricultural, energy, and industrial sectors, to reduce the US trade deficit with China.

Trump sent his own congratulatory message in return, saying that it was his priority to promote constructive relations, Xinhua reported.

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China is already considering a new law on the practice of forced technology transfer that has drawn US ire, and stepped up internal scrutiny of Belt and Road as poorer countries adopt a more cautious approach to China's plans for what it regards as its backyard.

The people familiar with the state of negotiations said the president may be overstating how close the two sides are to an agreement.

Trump has long complained about China's unfair trade practices and blamed previous US leaders for failing to address the matter, which he has said has not only cost U.S.jobs but has threatened national security.

Xi said next year marks the 40th anniversary of the establishment of diplomatic ties between the USA and China.

Mr Xi said the government would keep growth from slowing too quickly and follow through on a tax cut as part of an effort "to ease the burden on enterprises".

The government launched over 100 reform measures in 2018, Xi said Monday, and stepped up efforts to improve standards of living. "Our people are the country's solid foundation and our main source of confidence to govern", Mr Xi said.

"Over the past 40 years, from advancing the proper settlement of regional hot-spot issues to fighting worldwide terrorism, from tackling the global financial crisis to promoting global growth, China and the United States have conducted extensive cooperation at bilateral, regional and global levels", Lu said.

A trade war erupted earlier this year when Mr Trump complained China was not doing enough to address a trade imbalance between the nations.

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