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Andrew Karolyi, a professor of finance at Cornell University, said investors will welcome the action largely because it appears to be tied to an impending agreement set to normalize trade relations between the two major economies.

Analysts said that despite the current success, the Shanghai crude oil futures market is still very small compared to existing international crude benchmarks in terms of trading volume and open interest, including the benchmark West Texas Intermediate benchmark from the United States and Brent from the United Kingdom.

Analysts believe the impact of capacity cuts on unemployment and the social welfare burden is limited.

And here are a few more photos from the evening:

And that China made these achievements even as the US continued using the Special 301 clause of the Trade Act of 1974 shows that those investigations have had limited impact on the economic development of China. China has become the world's largest manufacturing economy and the largest exporter, and has the largest foreign exchange reserves. Therefore, the use of Section 301 by the US will not have much impact on China's progress toward stronger economic development and a better future.