Jul. 31 – The United States will soon allow more high-tech exports to China as part of the issues agreed upon during the recently concluded China-U.S. Strategic and Economic Dialogue this week.

“The U.S. pledged to facilitate exports of high-technology products from the U.S. to China,” Vice-Premier Wang Qishan told China Daily adding that the dialogue was a “full success.”

The United States has been running a huge trade deficit with China for years now and the looser export restrictions should help ease the trade gap. Wang added that both countries had agreed to oppose protectionism and increase the representation of developing countries in the decision-making of major international financial institutions.

The United States is China’s largest export partner, accounting for 17.6 percent of its export revenue while the United States is only its fourth import market. The massive trade deficit has been a contentious topic for both in the past years with the United States accusing China of artificially undervaluing its currency to make its exports cheaper.

As a result of the economic dialogue, the United States and China will work towards implementing the Guidelines for China-U.S. High Technology and Strategic Trade Development and write the the Action Plan on Expansion of China-U.S. High Technology and Strategic Trade Cooperation in Priority Sectors.