Beijing, China - Dec 14, 2019 (CGTN - No access Chinese mainland)
1. Various of discussion in progress, anchor speaking
2. SOUNDBITE (English) Wang Huiyao, President, Center for China and Globalization (partially overlaid with shot 3):
"I think this is a landmark agreement that has been after almost 20 months of dispute or friction or trade war. Now we finally settled something. I think it's really a great Christmas gift for both countries and for the world as well. As a matter of fact, I think this is, even though it's 'phrase one', but it still is quite substantial. But I think it's mostly that is given a new impetus to the confidence of both countries, particularly in the business community, but also it paves way for the 'phrase two' or even 'phase three' discussion."
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3. Various of discussion in progress, anchor
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FILE: Beijing, China - Date Unknown (CCTV - No access Chinese mainland)
4. Tian'anmen Rostrum
5. Chinese national flag

FILE: Washington D.C., USA - Date Unknown (CCTV - No access Chinese mainland)
6. U.S. Capitol building
7. U.S. national flag
8. White House
9. U.S. national flag

Beijing, China - Dec 14, 2019 (CGTN - No access Chinese mainland)
10. SOUNDBITE (English) Wang Huiyao, President, Center for China and Globalization (partially overlaid with shot 11):
"Most importantly, it stops the downward spiral of this negative sentiment and the aggressiveness of each side. I think this really now at least provide a stabilizer, and then paves the way for the future. So I think we need something like this for quite some time. And it's either U.S. or China that really can't afford to drag on."
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11. Anchor
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FILE: USA - Exact Location and Date Unknown (CCTV - No access Chinese mainland)
12. Various of workers handling steel parts

FILE: Texas, USA - Aug 28-29, 2018 (CCTV - No access Chinese mainland)
13. Various of harvesters reaping cotton

Beijing, China - Dec 14, 2019 (CGTN - No access Chinese mainland)
14. Discussion in progress
15. SOUNDBITE (English) Wang Huiyao, President, Center for China and Globalization (starting with shot 14):
"I think the most important [thing] after all is this is a strong injection into the confidence boosting of both countries, because it's so negative on both sides and we need some good news. So hopefully we'll build on some good sentiment and let's have a good Christmas and New Year and let's work on continuously for the remaining issues."

FILE: Los Angeles, California, USA - 2016 (CCTV/CGTN - No access Chinese mainland)
16. Various of port scenes

China and the United States have agreed on the text of a phase one economic and trade agreement based on the principle of equality and mutual respect, which according to one analyst can be seen as a good "Christmas gift" for both countries.

Wang Huiyao, president at the Center for China and Globalization, made the remarks when commenting on the phrase one deal reached between the world's two largest economies during an interview with the China Global Television Network (CGTN) on Saturday.

Wang said that although it is early stages, the agreement represents a major breakthrough for both sides.

"I think this is a landmark agreement that has been after almost 20 months of dispute or friction or trade war. Now we finally settled something. I think it's really a great Christmas gift for both countries and for the world as well. As a matter of fact, I think this is, even though it's 'phrase one', but it still is quite substantial. But I think it's mostly that is given a new impetus to the confidence of both countries, particularly in the business community, but also it paves way for the 'phrase two' or even 'phase three' discussion," he said.

The text of the agreement includes nine chapters: the preface, intellectual property rights, technology transfer, food and agricultural products, financial services, exchange rate and transparency, trade expansion, bilateral assessment and dispute settlement, and the final terms, according to a statement issued by the Chinese negotiators on Friday night.

Both sides have reached the consensus that the U.S. side will fulfill its commitments to phase out its additional tariffs on Chinese products, so as to achieve a switch from hiking to cutting additional tariffs.

Wang said that such a deal has effectively put a brake on the pessimistic moods from both sides and is a positive sign of a long-anticipated agreement finally being reached by both countries.

"Most importantly, it stops the downward spiral of this negative sentiment and the aggressiveness of each side. I think this really now at least provide a stabilizer, and then paves the way for the future. So I think we need something like this for quite some time. And it's either U.S. or China that really can't afford to drag on," he said.

Wang is also optimistic both China and the U.S. will keep this forward momentum as they strive towards a phrase-two agreement in the near future.

"I think the most important [thing] after all is this is a strong injection into the confidence boosting of both countries, because it's so negative on both sides and we need some good news. So hopefully we'll build on some good sentiment and let's have a good Christmas and New Year and let's work on continuously for the remaining issues," he said.