U.S. automakers saw great opportunities in Chinese market as the trade issue between China and the United States appears to be moving into a new, calmer phase, automotive executives have told Xinhua.

The good news is that both sides have agreed to "stand down, to not change tariffs, to work together," said Ford CEO Jim Hackett.

CEO for Fiat Chrysler Automobiles (FCA) Mike Manley was happy to hear a change in tone in the negotiations between China and the United States.

"Obviously I'm pleased they're going to enter a period where the discussions are going to start up again and we'll see what happens there," he said.

"China for us is a relatively small part of our business so it really represents a significant opportunity. What we're working on is how to unlock that opportunity for us. So we saw a drop in the Chinese market for the first time in 30 years, something like that, last year. This year, I think they're going to be flat and they'll still be number one in the world," he said.

Herbert Diess, CEO for Volkswagen AG, echoed the sentiments of other executives. He believes that improved relations between the world's two largest economies will benefit not only both countries, but the global economy.

Source: Xinhua