The US has said it welcomes direct investment by Chinese entrepreneurs as the two countries agreed to a number of first trade steps under a 100-day plan.

The deals are the first results of 100 days of trade talks that began last month between US President Donald Trump and Chinese President Xi Jinping under the framework of the US-China Comprehensive Economic Dialogue.

The two sides reached consensus on addressing issues in areas including agricultural trade, financial services, investment, and energy. The US is hoping the move will lower a trade deficit of US$347bn the country ran with China last year, according to US Treasury figures.

However, the two countries are not negotiating a free trade agreement, and textiles and apparel are unlikely to be on a prioritised agenda between the two countries.

By 16 July, China will allow wholly foreign-owned financial services firms to provide credit rating services, and to begin the licensing process for credit investigation. While the US said it welcomes China, and other trading partners, to receive imports of liquefied natural gas (LNG) from the States.  

As well as China allowing imports of US beef and the US issuing a proposed rule to allow Chinese cooked poultry to enter its market, foreign-owned firms will be able to provide credit rating services in China.

The US added that it recognises the importance of China's One Belt and One Road initiative and has sent delegates to attend the Belt and Road Forum taking place in Beijing this week.

In a joint statement, both sides said they had identified "other issues that will require significant effort to resolve and achieve progress on" within the 100-day period. They also committed to "strengthen communication and coordination to jointly advance those issues and achieve resolution as soon as possible".  

As progress is made in implementing the actions under the 100-day plan, the two sides said they will begin discussing a one-year plan to "further solidify actions in promoting US- China economic engagement and cooperation".