WASHINGTON — Vice-Premier Liu He said on Jan 15 that the phase-one economic and trade agreement between China and the United States is well beyond an economic deal, as it also has a bearing on world peace and prosperity.

The agreement benefits both countries and the whole world, and serves the interest of global producers, consumers and investors, Liu said during a briefing with the Chinese press after he signed the deal along with US President Donald Trump in the White House.

After the signing of the deal, China will work together with the US side, adhere to the principle of equality and mutual respect, abide by the terms of the deal and strive for the full implementation of the agreement, said Liu, 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.

Meanwhile, both sides should accommodate each other's core concerns and make more efforts to promote bilateral economic and trade development as well as economic and financial stability, Liu said.

The vice-premier also said that the China-US relationship is one of the most important bilateral relationships in the world. Despite differences in their political systems, ideologies and other aspects, the two countries have a lot of shared interests, and can certainly find a way to manage their differences and engage in win-win cooperation, he said.

"In the whole process of consultations (with the US side), I strongly feel that the international community as a whole hopes our two countries can settle differences properly and our two peoples also eagerly want us to well address our problems," said Liu.

President Xi Jinping has said that there are a thousand reasons to make the China-US relationship work, and no reason to break it, Liu noted, stressing that cooperation is the only right choice for the two countries, especially in the new era.

As both countries are faced with a more complex domestic and international environment, they should uphold goodwill and address their common problems with deeper strategic insights, greater political wisdom and more patience, Liu said.

The two countries should adhere to the principle of mutual benefit and win-win, enhance understanding and cooperation, and work together to advance bilateral ties based on coordination, cooperation and stability, the vice-premier said.

Liu told reporters that China's economy has basically maintained stable growth, which is increasingly driven by internal demand, especially consumer demand, as well as innovation and higher labor productivity, while reducing its reliance on debts and steadily improving the inherent driving force of economic growth.

The year 2020 is the year for China to achieve the goal of building a moderately prosperous society in all respects and complete the 13th Five-Year Plan, he noted.

The vice-premier said he believes that the Chinese economy will have an even brighter future and China's development will create more investment and growth opportunities for other countries across the world, including the United States.