China releases full text of phase one trade agreement with U.S.

China's Ministry of Finance released on Thursday the full text of the phase one economic and trade agreement between China and the U.S.

The agreement, released in both Chinese and English, consists of eight chapters touching in detail several subjects, including intellectual property technology transfer, food and agricultural products, and financial services.

According to the agreement, China will purchase at least 200 billion U.S. dollars in additional U.S. goods and services over two years, including 32 billion U.S. dollars in additional imports of U.S. farm products.

The agreement was signed on Wednesday in Washington D.C. by Chinese Vice Premier Liu He and U.S. President Donald Trump. After the signing ceremony, Liu said that the deal benefits not only both countries but also the whole world.

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China, U.S. sign phase one trade deal