BEIJING, May 20 (Xinhua) -- On Saturday, China and the United States issued a joint statement, vowing not to launch a trade war against each other. The international community welcomed this consensus reached by the world's two largest economies.

Ning Yixi, professor of finance at the University of Houston-Victoria in the U.S. state of Texas, said U.S. enterprises will benefit from China's huge market, which will create more jobs for the United States.

Meanwhile, products and services provided to the Chinese market will become better and more diversified, which will not only benefit customers, but be conducive to creating an environment for competition, said Ning.

Ning also said that China's economic development has entered a new phase of transformation after 40 years of reform and opening-up, and some of China's industries and enterprises have been showing their competitiveness in the international market.

At this moment, expanding imports from the United States as well as from other countries can help build a better business environment and promote the competitiveness of China's national industries, said Ning.

Former president of the Chinese American Semiconductor Professional Association Lei Junzhao said China and the United States have reached an important consensus, and the joint statement is a good beginning as it will provide opportunities for the two countries to cooperate and will benefit enterprises and customers of both sides.

Bloomberg said in an article published on Sunday that trade cooperation will be enhanced in such areas as energy, agriculture, health care, high-tech products and finance.

The Wall Street Journal quoted Larry Kudlow, director of the National Economic Council, as saying in a Friday interview with White House reporters that Liu He, the Chinese vice premier and head of the Chinese delegation, impressed Washington officials. The vice premier is "a smart guy, a market guy," Kudlow said.

The agreement reached by China and the United States to abandon a trade war is not only in the interest of the two nations, but also of the whole world. Today, China's economic development has become fully integrated into the process of global economic development and the two are inseparable, said Dmitry Abzalov, head of the Russian Center for Strategic Communications.

Swai Visavanant, senior researcher from Thailand at Chulalongkorn University's China Study Center, said he welcomed the joint statement on the China-U.S. trade talks, which would likely create a favorable atmosphere in global trade.