Phase one deal benefits China, US and world

The whole world should breathe a sigh of relief at the news that China and the United States have signed a phase one trade deal. Even though the deal is not comprehensive and many issues are still to be resolved, any step showing goodwill and amity between China and the US is important for shaping the rest of the 21st century for the better.

Many of the steps taken by China are in fact part of China's long-term economic reform and opening-up strategy. Over the past few years, China has been strengthening the commercial rule of law, pushing to increase the role of the market, and opening up many sectors to foreign competition. These steps were taken for the good of China, but they can also benefit other economies.

It should especially be noted that China is making strong good-faith efforts to meet the US at least halfway and to alleviate the relevant concerns of the US. No country would ever agree to take steps that could sabotage its future growth or technological development. But, the phase one deal, combined with widespread reform and opening-up, shows that China is working hard to strengthen its own real economy and to reach a win-win deal with the US.