(Yicai Global) Nov. 10 -- US President Donald Trump and his Chinese counterpart, Xi Jinping, have reached agreements on various matters during the former's state visit to China.

"In accordance with its timetable and roadmap for further opening up, the Chinese side will significantly ease market access to the financial sector, including the banking, securities and fund, and insurance industries," said Vice Foreign Minister Zheng Zeguang.

The two countries are willing to strengthen their coordination of macro-economic finance, currency and foreign exchange rate policy, and to continue to work together on structural reforms and matters of global economic governance.

The US and China will make concerted efforts to boost the robust, sustainable, balanced and inclusive growth of the global economy. China expressed its willingness to increase communication with the US on upping imports of American commodities and foreign investment security policy.

Both countries are satisfied with the Implementation Procedures for Airworthiness that the Civil Aviation Administration of China and the US Federal Aviation Administration signed, the Chinese Ministry of Foreign Affairs said.

China will reduce tariffs on cars, and pilot lifting foreign ownership restrictions in the new energy vehicle (NEV) industry, Zheng said. It will trial more liberal requirements for the proportion of foreign investment allowed for special vehicles and NEVs in free trade zones before June next year.

China will not collect value-added tax (VAT) on the import of distillers dried grains with solubles (DDGS), and importers and domestic firms will be subject to the same VAT policy.

The US will ease regulations on high-tech exports from China, fulfill its obligations under Article 15 of the Protocol on China's Accession to the World Trade Organization (WTO), treat Chinese enterprises' investments equally, facilitate the independent application of relevant financial business licenses of China International Capital Corp., and take measures to remedy trade at China's request.

Both countries will continue to communicate on the one-year plan as well as mid- and long-term schemes for economic coordination.

Both heads of state said that they will continue to promote US-China economic and trade cooperation. They witnessed the signing of several business contracts and bilateral investment agreements. Such deals signed during Trump's visit are worth more than USD250 billion.