In addition to its provisions on beef and liquefied natural gas, the trade deal lowers long-standing barriers on the operation of US financial firms in China, allows the import of cooked poultry from China, and will send USA delegates to a Chinese forum on building infrastructure in Asia and Europe.
The bi-lateral trade deal announced Thursday will open Chinese markets for American beef by July, allowing American producers to export meat for the first time in 13 years.
The agreement would also streamline the evaluation of pending US biotechnology product applications; pave the way for allowing American-owned suppliers of electronic payment services to begin the licensing processes in China and facilitate the entrance of Chinese banks into the USA banking market, among other measures.
U.S. President Donald Trump welcomes Chinese President Xi Jinping at Mar-a-Lago state in Palm Beach, Florida, U.S., April 6, 2017.
Beijing on Friday mirrored the Trump administration's announcement of measures to make it easier for a variety of American exports to enter China, with an emphasis on agriculture, financial services and energy. He said foreign players would continue having a hard time gaining traction in China.
The United States in recent months has also launched a series of studies and investigations into foreign trade abuses and the impact of certain exports on specific USA industries, several of which are directed at Chinese actions.
Vice commerce minister Yu Jianhua, one of China's top trade negotiators, was effusive in his description of the US administration, something not often heard from Beijing.
Ross said officials from Dow Chemical Co. gave assurances that increasing exports of natural gas wouldn't harm the USA industry or consumers if sales remained less than 30 percent of total output.
China and the USA had previously committed to more market access on most of these trade issues over the years but implementation had been repeatedly delayed.
"China has shown its sincerity by making compromises, and it showed that China is not just paying lip service [to addressing the bilateral trade imbalance]", said Yu Miaojie, the deputy head of the National School of Development at Peking University.
North American Meat Institute (NAMI) chairman and Bob Evans Farms president and chief executive officer Mike Townsley responded to the news by saying, "The meat industry has long sought access to the Chinese market for USA beef, making today's announcement a significant and very welcome milestone".
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A Trump campaign pledge was to overturn unfair trade barriers at the same time as reducing the U.S. burgeoning trade deficit with China.
The deal reaffirms a September agreement to reopen China to US beef exports.
The agreement would also ease import restrictions on agricultural goods, including ending China's ban on beef imports, which was imposed in 2003 after a case of mad-cow disease.
For the first time since the "Mad Cow" scare more than a decade ago, U.S. beef will soon be sold in China again.
Huang Rihan, a researcher at the Centre for China and Globalisation in Beijing, said the agreement put an end to worries about a "trade war" between China and the US. The move would allow China to diversify its supply and provide a major market for American suppliers, though the expansion could lead to higher prices for us consumers.
The U.S. and China have reached a deal to expand trade.
The Trump administration has given the go-ahead for a handful of proposed U.S. LNG ventures to ship their fuel to countries without free-trade agreements, such as China.
The joint statement said the United States would send a delegation to China's One Belt, One Road summit - Xi's signature project - on Sunday and Monday.
The countries have also agreed to work out a yearlong plan.
The countries' statement also included a goal of opening China's market in electronic payments.
The US financial industry is a major beneficiary of the agreement on market access.