CGTN anchor Liu Xin joined Fox Business Network host Trish Regan on her primetime show for a live television discussion on China-U.S. trade issues.

It is the first time that television hosts from China and the U.S. are facing off live. The much-anticipated event has sparked widespread attention from the media across the world.

Here are the highlights of the discussion: 

Liu Xin:I need to correct you. I am not a member of the Communist Party of China (CPC). I don't speak for the CPC. I am here (on the show) to speak for myself. Liu Xin, a journalist working for CGTN.

On her show, Trish Regan said that she is not here to advocate for the Trump administration, and Liu Xin is part of the CPC.

On trade talks

Trish Regan:What is your current assessment of where the trade talks are. Do you believe a deal is possible?

Liu Xin:The talks were not very successful last time, and both sides are considering where to go next. The Chinese government is very clear.

There is high possibility of a trade deal only if the United States treats the Chinese government and negotiating team with respect and shows the willingness to talk without using outside pressure.

Otherwise, we might be facing a prolonged period of problems for both sides.

On intellectual property

Liu Xin: There is consensus among Chinese people that no country or individual can protect itself without intellectual property protection. Isolated cases do not mean that America is stealing or Chinese people are stealing.

On tariffs

Trish Regan: What do you think of "to heck with tariffs, let's get rid of them altogether." What do you think?

Liu Xin: When we talk about tariffs, it's not just between China and the U.S. If you don't like the rules, then let's change the rules, but it has to be done as a multilateral decision.

On capitalism

Trish Regan:How do you define state capitalism?

Liu Xin:We would like to define it as socialism with Chinese characteristics, where market forces are expected to play the dominating or deciding role in the allocation of resources. 

We want it to be a market economy but there are some Chinese characteristics, for example, some state-owned enterprises which play an important but smaller role maybe in the economy. 

If you look at the statistics, 80 percent of Chinese employees work at private enterprises, 80 percent of exports are by private companies.

We are a socialist economy with Chinese characteristics, but we are not just state controlled, we are quite mixed, very dynamic and very open as well.

On China's development

Liu Xin: If you look at the overall size of the Chinese economy, don't forget we have 1.4 billion people. If you divide the second largest economy in the world, when it comes down to per capita GDP we are less than one-sixth of the U.S.

We can do a lot of big things, and people are looking upon us to do a lot more around the world.