China to review export applications as U.S. lifts restrictions

China will review and approve export applications for controlled items that meet the required criteria, while the United States will lift a series of restrictive measures previously imposed on China, said the Ministry of Commerce on Friday.

The remarks came after China and the U.S. reached a principled agreement during economic and trade talks held in London from June 9 to 10, with both sides reaffirming their commitment to deepen cooperation and build on the consensus reached by the two heads of state during their phone call on June 5, said a ministry spokesperson in an online statement.

Through mutual approval, the two sides confirmed the details of the framework to implement the consensus reached during the Geneva trade talks, said the statement.

The commerce official said that following the London meeting, the Chinese and U.S. delegations have remained in close contact.

Both sides have also agreed to continue leveraging the bilateral economic and trade consultation mechanism to expand common ground, reduce misunderstandings, enhance mutual trust and strengthen practical cooperation, the spokesperson added.

The goal is to jointly promote the sound, stable and sustainable development of China-U.S. economic and trade relations, according to the Ministry of Commerce.