Wang added that China is willing to expand imports from the U.S. according to "the needs of the domestic market and the Chinese people" and that both parties are working to remove all tariffs, according to China Daily.
Yet solving Washington's problems, such as intellectual property violations, cyber theft and Beijing's state-backed economic model, will take patience and diplomacy.
In an editorial, the official China Daily said the new "consensus" was a welcome development but warned there was no "magic wand" that could make grievances disappear.
"If they can respect each other's core interests and engage in equal and earnest consultations, they can expand the scope of their common interests and usher in brighter prospects for their relations". While China has comparatively less room to implement new tariffs as it imports significantly less than it exports to the US, China also will not increase tariffs during this period.
Similar proposals have been on the table since last summer.
The meeting was the first face-to-face encounter between the leaders in more than a year, a period that saw the Trump administration impose tariffs on billions of dollars in Chinese imports in a bid to force Beijing to halt trade practices the USA considers unfair. President Trump imposed 10 percent tariffs on $200 billion worth of Chinese exports to the United States. Also, the Chinese government made no mention of cutting vehicle tariffs. With the White House warning that following the 90 days, with no agreements, the tariffs would rise to 25%, these two questions could possibly play the largest role in China's decisions.
United States exports of cars and light trucks to China were worth US$9.5 billion in 2017 and have dropped off significantly since China imposed its retaliatory tariffs over the summer that gave exporters in Europe and Japan a significant advantage.
Resolving the tariff war between the USA and China is seen as crucial for American agriculture, particularly soybeans, America's largest export to China, which accounted for $12.4 billion in sales a year ago. "It's a step in the right direction".
The first day of the G20 summit offered glimmers of hope for progress between Washington and Beijing despite Trump's earlier threat of new tariffs, which would increase tensions already weighing on global financial markets.
It may have been tacked on to the end of two days of G20 diplomacy, but it was in many ways the main event of the weekend. A temporary truce rather than an agreement was reached between the two, where both sides would negotiate over trade and China's alleged malpractices in forced technology transfer.
"The gap between their positions is wide on the fundamental issues: The US-China trade imbalance, unfair Chinese trade practices, and Chinese state support for economic champions", PNC Senior Economist Bill Adams wrote in a note. China recognizes that the rest of the world does things differently [when it comes to reform and opening up].
The outcome gives both sides enough to boast of a win without resolving the fundamental differences between them. It should be according to the scheduled 90 days, no agreement, there will be an increase in the customs duties. China's Shanghai composite is up 2.7 percent.