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China and the United States agreed on the text of the phase-one economic and trade agreement based on the principle of equality and mutual respect earlier this month, which was the latest progress for the two sides to settle their two-year-long trade dispute.

China and the United States are each other's biggest trade partners, with each benefiting from the other's success, Michael Bloomberg, the billionaire former mayor of New York City, commented at a recent forum.

China announced a series of measures to reduce tariffs and expand imports at the 2018 Boao Forum For Asia Annual Conference, including a 55.9 percent average decline of the MFN rates for various sectors, including food and beverages.

China Mobile Communications Corp, the world's largest mobile carrier with 913 million subscribers, is also moving in a similar direction to help solve rising telecom challenges. Its Zhejiang provincial branch, for instance, has developed a big data anti-fraud system, called Tiandun, or Sky Shield in English.

China and the EU should follow the principle of flexibility and pragmatism and meet each other halfway to find an early solution to difficulties in the China-EU Investment Agreement negotiation. A comprehensive, balanced and high-level investment agreement should be reached within this year. On this basis, it is necessary for the two sides to conduct a joint feasibility study on a free trade agreement as soon as possible and launch the free trade process. The two sides should also strengthen macroeconomic policy coordination and conclude the China-EU Cooperation 2025 Strategic Plan at an early date, so as to provide an institutional framework for their all-round dialogue and cooperation.