China has agreed to "substantially reduce" its trade imbalance with the United States after trade deliberations this week in Washington led by Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He, according to a joint statement from the two countries.

What's missing: The statement didn't include many details on how exactly both sides to achieve that goal — just that China simply plans to "significantly increase purchases of United States goods and services." The statement also didn't include any mention of Chinese phonemaker ZTE, which has become a flash point in China-U.S. trade relations over the past week.