On Wednesday, the United States and China signed the first phaseof a deal that has been three years in the making. The deal remainsvague on what happens next, simply stating that "the parties willagree upon the timing of further negotiations."

However, here is what the deal has to say around five key pointsof contention:

1. Intellectual property

"The U.S. recognizes the importance of intellectual propertyprotection. China recognizes the importance of establishing andimplementing a comprehensive legal system of intellectual propertyprotection and enforcement as it transforms from a majorintellectual property consumer to a major intellectual propertyproducer. China believes that enhancing intellectual propertyprotection and enforcement is in the interest of building aninnovative country, growing innovation-driven enterprises, andpromoting high quality economic growth."

Why it matters: This is at the heartof the U.S.'s 301 case againstChina that started the trade war.

2. Chinese purchases of U.S. goods and services

"During the two-year period from January 1, 2020 throughDecember 31, 2021, China shall ensure that purchases and importsinto China from the U.S. of the manufactured goods, agriculturalgoods, energy products, and services identified in Annex 6.1 exceedthe corresponding 2017 baseline amount by no less than $200billion."

Why it matters: This is key relief forfarmers and other businesses that have been hobbled by tit-for-tat tariffs.

3. Tech transfer

"The Parties affirm the importance of ensuring that the transferof technology occurs on voluntary, market-based terms and recognizethat forced technology transfer is a significant concern. TheParties further recognize the importance of undertaking steps toaddress these issues, in light of the profound impact of technologyand technological change on the world economy."

Why it matters: This addresses some ofthe complaints American companies have about doing business inChina.

4. Currency enforcement

"Enforcement Mechanism

1. Issues related to exchange rate policy or transparency shallbe referred by either the U.S. Secretary of the Treasury or theGovernor of the People's Bank of China to the Bilateral Evaluationand Dispute Resolution Arrangement established in Chapter 7(Bilateral Evaluation and Dispute Resolution).

2. If there is failure to arrive at a mutually satisfactoryresolution under the Bilateral Evaluation and Dispute ResolutionArrangement, the U.S. Secretary of the Treasury or the Governor ofthe People's Bank of China may also request that the IMF,consistent with its mandate: (a) undertake rigorous surveillance ofthe macroeconomic and exchange rate policies and data transparencyand reporting policies of the requested Party; or (b) initiateformal consultations and provide input, as appropriate."

Why it matters: The U.S. just removedChina from its list of currency manipulators, and this part of thedeal gives them another way to enforce market-based principles offoreign exchange rates.

5. Financial services

"China shall allow U.S. financial services suppliers to applyfor asset management company licenses that would permit them toacquire non-performing loans directly from Chinese banks, beginningwith provincial licenses. When additional national licenses aregranted, China shall treat U.S. financial services suppliers on anon-discriminatory basis with Chinese suppliers, including withrespect to the granting of such licenses."

"No later than April 1, 2020, China shall remove the foreignequity cap in the life, pension, and health insurance sectors andallow wholly U.S.-owned insurance companies to participate in thesesectors. China affirms that there are no restrictions on theability of U.S.-owned insurance companies established in China towholly own insurance asset management companies in China."

"No later than April 1, 2020, China shall eliminate foreignequity limits and allow wholly U.S.-owned services suppliers toparticipate in the securities, fund management, and futuressectors."

"China affirms that a wholly U.S.-owned credit rating servicessupplier has been allowed to rate domestic bonds sold to domesticand international investors, including for the interbank market.China commits that it shall continue to allow U.S. servicesuppliers, including wholly U.S.-owned credit rating servicessuppliers, to rate all types of domestic bonds sold to domestic andinternational investors. Within three months after the date ofentry into force of this Agreement, China shall review and approveany pending license applications of U.S. service suppliers toprovide credit rating services.

Each Party shall allow a supplier of credit rating services ofthe other Party to acquire a majority ownership stake in thesupplier's existing joint venture."

Why it matters: Banks, insurers, andcredit rating companies have tried for years to gain more access tothe Chinese market.

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