It will also allow US-owned payment processors such as MasterCard and Visa to apply for licences to settle renminbi payments in China, in a move that "should lead to full and prompt market access", the joint statement said.
Foreign-owned firms will be allowed to offer credit-rating services in China by July 16.
"We believe that Sino-US economic cooperation is the trend of the times..." "[The Chinese] said no one's really asked us about [beef], so give us a proposal".
"There were worries that Sino-US relations would worsen, and there were concerns that a lot of trade disputes would arise after Trump won the election, but now people can see that China and the US are not trade enemies - the two countries can work together", Huang said.
"It's clear, at least in the near term, that fears about a trade war have receded significantly".
According to the secretary of commerce, Wilbur Ross, the agreement is a herculean execution.
China is the third largest LNG importer, behind Japan and South Korea, bringing in 26.06 million tonnes in 2016.
The US Meat Export Federation (USMEF) also joined the chorus of trade associations praising the multi-sector trade deal.
Ker Gibbs the American Chamber of Commerce in Shanghai chairman said the new measures were a good start but did not represent a breakthrough.
The opening of the bond market could bring in US institutional investors, which may stem the capital flight that troubles the Chinese government.
"This should have been done years ago when it would have made a difference".
A woman pushes her shopping cart past a display of domestically produced Chinese beef at a supermarket in Beijing, Friday, May 12, 2017. American beef exports dropped from $3 billion to $1.1 billion by 2004, but the market has since recovered to pre-2003 levels without exporting to China.
A chicken processing factory in Hefei, Anhui province, China.
Trump administration officials hailed the deal as a significant advance toward boosting USA exports and closing America's trade gap with the world's second-largest economy.
In return, the United States has agreed to open up to imports of cooked chicken products from China.
Both sides will hold the first meeting of the Comprehensive Economic Dialogue during the summer this year.
The US will import cooked Chinese poultry and, more significantly, send delegates to attend Beijing's Belt and Road Forum starting tomorrow.
For exports of gas, the US will now treat China "no less favorably" than other countries for which is does not have a free trade agreement, according to a joint statement released by the sides.
A Chevron driller wearing a hard hat.
And both officials believe that the potential of the Chinese market is greater than that. He said a similar deal for coal exports to China wasn't likely, given the far shipping distances.
Similarly, Washington has agreed to advance a new rule that would allow China to export cooked poultry to the United States.
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