China plans to resume US beef imports, which were halted in 2003, in a move to boost economic ties and further balance the trade surplus with the United States.

The two countries finalized protocol details that mean US exporters can prepare for their first shipments in 14 years. It was set to take effect in mid-July.

Building on this progress, closer economic and trade ties are expected between China and the US, said Wei Jianguo, vice-president of the China Center for International Economic Exchanges. "Sino-US trade will likely boom this year, with China's imports from the US growing faster than its exports. The US trade deficit with China is predicted to decrease significantly," he said.