Analysts have cheered a resumption of talks between Washington and Beijing, hoping it could help resolve the damaging tariff war between the US and China.
The US and China have agreed to restart trade talks after President Donald Trump offered concessions including no new tariffs and an easing of restrictions on tech company Huawei in order to reduce tensions with Beijing.
China agreed to make unspecified new purchases of US farm products and return to the negotiating table. No deadline was set for progress on a deal, and the world's two largest economies remain at odds over significant parts of an agreement.
The last major round of talks collapsed in May.
Financial markets, which have been rattled by the nearly year-long trade war, are likely to cheer the truce. Washington and Beijing have slapped tariffs on billions of dollars of each other's imports, stoking fears of a wider global trade war. Those tariffs remain in place while negotiations resume.
"We're right back on track," Trump told reporters on Saturday after an 80-minute meeting with Chinese President Xi Jinping at a summit of leaders of the Group of 20 major economies in Osaka, Japan.
"We're holding back on tariffs and they're going to buy farm products," Trump said, without giving details about the purchases.
The US president had threatened to slap new levies on roughly $US300 billion ($A427 billion) of additional Chinese goods, including popular consumer products, if the meeting in Japan proved unsuccessful. Such a move would have extended existing tariffs to almost all Chinese imports into the US.
In a lengthy statement on the two-way talks, China's foreign ministry quoted Xi as telling Trump he hoped the US could treat Chinese companies fairly.
"China is sincere about continuing negotiations with the United States ... but negotiations should be equal and show mutual respect," the foreign ministry quoted Xi as saying.
Trump offered an olive branch to Xi on Huawei, the world's biggest telecom network gear maker. The Trump administration has said the Chinese firm is too close to China's government and poses a national security risk, and has lobbied US allies to keep Huawei out of next-generation 5G telecommunications infrastructure.
Trump's Commerce Department has put Huawei on its "entity list," effectively banning the company from buying parts and components from US companies without US government approval.
But Trump said he did not think that was fair to US suppliers, who were upset by the move. "We're allowing that, because that wasn't national security," he said.
Trump said the US Commerce Department would study in the next few days whether to take Huawei off the list of firms banned from buying components and technology from US companies without government approval.