Beijing, Washington expected to complete first phase of trade deal soon

China and the United States are expected to wrap up their phase-one trade agreement soon, a step toward ending the yearlong trade dispute and stimulating the global economy, experts and business leaders said.

The comments came after China and the US held what was characterized as "serious and constructive" discussions on Friday to address their core concerns and reach consensus on principles. The two sides also discussed arrangements for the next step in consultations, the Ministry of Commerce said on Saturday.

Yang Weiyong, an economics professor at the University of International Business and Economics in Beijing, said signing a preliminary deal should be an "urgent" priority for both China and the US.