January 16, 2020 / 3:03 AM / a month ago

China issues text of Phase 1 trade deal, commitments in line with U.S. version

BEIJING (Reuters) - China’s finance ministry released the Chinese-language version of the Phase 1 trade deal signed in Washington on Wednesday to boost Chinese purchases of U.S. products and defuse a months-long trade dispute.

China agreed to buy at least $200 billion (153.35 billion pounds) in additional U.S. goods and services over two years, including $32 billion (24.54 billion pounds) in additional imports of U.S. farm products, according to the Chinese text released on Thursday, in line with the monetary values and time-frame mentioned in the U.S. version.

China and the United States acknowledged that purchases will be made at market prices based on commercial considerations, and that market conditions, particularly for agricultural goods, may dictate timing of purchases in any given year, according to both versions of the text.

Reporting by Ryan Woo; Editing by Kim Coghill

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