The US-China Phase One Agreement clarifies the rights and obligations of both sides, and through institutionalized design, the two countries return to the track of bilateral dialogue. The "Bilateral Evaluation and Dispute Resolution" mechanism established in Chapter VII of the Agreement has become an institutional guarantee for China and the US to fully implement the Agreement. Through binding the scope of application and institutional settings to the implementation of the Agreement, Chapter VII has essentially mixed the compliance mechanism and dispute settlement mechanism under the agreement. The dispute settlement procedure under the Agreement has the characteristics of exclusiveness, hierarchy-based, and expeditiousness, serving the full and timely implementation of the Agreement. Compared with the FTAs signed by China and the US with other countries, the above-mentioned features of the dispute settlement mechanism of this Agreement are manifested as avoiding third party institutions to make legally binding judgments to the greatest extent and reserving discretion for both sides in evaluating disputes and taking actions. Considering the process of the US-China trade war and the negotiation background of the Agreement, Chapter VII is a continuation of the game model between the two parties during the trade war in a legal form. The dispute settlement mechanism, therefore, is an important indicator for predicting the future of the Agreement. The main variables that determine the fate of a "self-enforcing" agreement are the Parties’ evaluation of their own interests and the relative strength of the Parties. Since the Phase One Agreement came into force, the friction between China and the United States still continues, and the COVID-19 pandemic has added more uncertainty to the implementation of the Agreement. However, according to the relevant actions and statements of both China and the US so far, it is reasonable to believe that, for both sides, the benefits of continuing to implement the Agreement are greater than the benefits of stopping the implementation.