Chinese Foreign Minister Wang Yi delivers a speech at an annual symposium on international situation and China's diplomacy in Beijing, China December 13, 2019. REUTERS/Jason Lee

LJUBLJANA (Reuters) - China and the United States’ “phase one” trade agreement is good news for all and will “provide stability in global trade”, the Chinese government’s top diplomat Wang Yi said during a visit to Slovenia on Saturday.

He said, however, that there were still many issues between the two sides that needed to be addressed.

Earlier this week, Washington and Beijing agreed on the terms of a “phase one” trade deal that reduces some U.S. tariffs on Chinese goods while boosting Chinese purchases of American farm, energy and other goods.

According to Wang, who spoke in Chinese, the agreement “will help to shore up confidence in (the) world economy”.

“China never believed that resorting to tariff hikes is the right way ... because there is no winner in a trade war,” he said, adding his country was opposed to protectionism.