More important, China has agreed to beef up its protection of intellectual property rights, to refrain from forcing foreign companies operating in China to transfer their technology to domestic firms, and to open up more of its economy to foreign investment. These measures could help American and other foreign businesses that are interested in selling in China’s markets, investing there or using the country as part of their global supply chains. In return, the United States has reduced some tariffs on Chinese imports and canceled additional tariffs.

Why did China make these concessions? Therein lies a deep irony. Many elements of the deal will make the Chinese economy stronger. China wants to be a more dynamic, innovation-led economy, so better protection of intellectual property rights will help. Opening up parts of its economy, such as banking and insurance, will spur competition and innovation in, for example, the Chinese financial sector. Many of the ostensible concessions are in areas where Chinese reformers have long sought to create change for their country’s own good.

China’s economy will also get a short-term boost from the trade deal. Stimulus measures, such as more spending by local governments, lower taxes and more bank credit, have kept growth from stalling, but the economy remains fragile. Private investment has been weak, partly reflecting the uncertainty caused by the trade tensions. Even a cease-fire, and the prospects that further tariffs can be avoided, might help mitigate the slump in business sentiment and investment in China.

China has also agreed not to artificially devalue its currency, the renminbi, to boost its exports. This concession is ironic in a different way. For years, the United States has asked China to let its currency’s value be determined by market forces. Now both countries seem to have agreed on letting this happen — unless markets want to push down the value of the renminbi. In that case, all bets are off and Washington wants Beijing to override the market.

The United States has deferred its more substantive demands to the next phase of trade talks. These include China’s corporate subsidies, which give its companies a leg up on foreign competition, the dominance of state-owned enterprises in its economy, as well as a mechanism to review China’s progress on meeting its commitments on these issues. This was one of the more contentious part of the negotiations, since China did not want to be seen as ceding sovereignty over any of its domestic policies. The new dialogue could provide a more balanced mechanism for regular reviews of China’s commitments. Nothing will change overnight, but at least some fundamental issues are being confronted squarely.