The world's two biggest economies, China and the United States, have achieved"substantial progress"after four days of high-level economic and trade talks in Washington D.C. The specific areas include technology transfers, protection of intellectual property rights, non-tariff barriers, the service and agriculture industries, and exchange rates.
Meanwhile, U.S. President Donald Trump has vowed to delay a planned tariff increase on Chinese imports that had been scheduled to take effect on March 1. He also said there could be "very big news" in the next two weeks, and he planned to meet with President Xi at the U.S. leader's Mar-a-Lago resort in Florida if more progress is made.
Are we reaching a turning point in the long-term trade conflict?
Professor John Gong from the University of International Business and Economics is very optimistic about the future talks. He said it's like "the light at the end of the tunnel."
"A final conclusion of the negotiation is within reach now." He predicted that the Xi-Trump summit in Mar-a-Lago may happen soon at the end of March and a deal will be reached then.
John Gong also pointed out that he seldom saw China's demands being proposed during the bilateral talks. China demands "less restrictive" investment regulations in the U.S. and loosening of technology control for exports to China.
While remaining optimistic about the outcome, Einar Tangen, an American author and columnist, believes the progress reached at the moment is "temporary."
"This is a truce, it's not going to end anything. No matter what they sign, it's not going to end the attacks on China's 2025 program, it's not going to end tension in the South China Sea and the Taiwan Strait, it's not going to change American's perception that China is their chief economic competitor," he added.
Tangen also saw the whole negotiation process as President Trump's "political pantomime."
"Donald Trump needs a win. And clearly, China's interested in not delivering a win, but in taking, they don't need any more damage being done to an already slowing economy."
"So, what you have here is Donald Trump is managing this the same way he would do an episode of The Apprentice. He is going to try to make it interesting, but in the end, he really has no choice."
"He wants to start off his re-election, he wants to gain popularity, he wants the market to go up, he wants to go to the American public and said 'I have done all these things and I deserve to be re-elected,' and he wants to use this to change narrative in Washington away from all of his legal problems," Tangen added.