The United States says China has agreed to scrap export subsidies on a range of products in a step to reduce frictions in bilateral trade.

According to the Office of US Trade Representative, China agreed to end a program, which provides export subsidies to Chinese companies in seven economic sectors, including textiles, light industry, specialty chemicals, medical products, hardware, agriculture, as well as advanced materials and metals.

The scrapping of subsidies was announced in Washington as finance ministers and central bankers from around the world gathered in the U.S. capital for meetings of the International Monetary Fund and World Bank.