LONDON - The United States should resolve trade disputes with China through equal dialogue and mutually beneficial cooperation, Chinese Vice-Premier He Lifeng has said.

China reiterates that the United States should work with China to honor their words with actions, and demonstrate sincerity in keeping commitments and concrete efforts to implement consensus, so as to jointly safeguard the hard-won outcomes of dialogue, He said.

He made the remarks during the first meeting of the China-US economic and trade consultation mechanism held in London from Monday to Tuesday with US lead person Treasury Secretary Scott Bessent, US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer. Chinese Commerce Minister Wang Wentao participated in Monday's talks as well.

During the talks, the two sides held candid and in-depth talks, and thoroughly exchanged views on economic and trade issues of mutual concern.

The two sides reached principled agreement on implementing the important consensus reached by the two heads of state during their phone call on June 5 and the framework of measures to consolidate the outcomes of the economic and trade talks in Geneva, and made new progress in addressing each other's economic and trade concerns.

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Calling the meeting an important consultation held under the guidance of the strategic consensus reached by the two heads of state on June 5, He said that China's position on China-US economic and trade issues is clear and consistent.

Noting that the essence of China-US economic and trade relations lies in mutual benefit and win-win cooperation, the vice-premier said cooperation between China and the United States in the economic and trade field benefits both sides, while confrontation harms both.

There are no winners in trade wars, He said, adding that China does not seek conflict but will not be intimidated by one.

He urged the United States to resolve trade disputes with China through equal dialogue and mutually beneficial cooperation, adding that while China is sincere in pursuing economic and trade consultations, it also has its principles.

Next, the two sides should, in accordance with the important consensus and requirements reached by the two heads of state during their phone call, make better use of the China-US economic and trade consultation mechanism, and work to enhance consensus, reduce misunderstanding and strengthen cooperation, He said.

The two sides should maintain communication and consultation, and promote the steady and sustained growth of China-US economic and trade relations, so as to inject more certainty and stability into the world economy, He added.

The US side said that the meeting had achieved positive outcomes and further stabilized bilateral economic and trade relations, adding that the US side would walk in the same direction as China in accordance with the requirements of the phone call between the two heads of state to jointly implement the consensus reached at this meeting.

"I think we have the two largest economies in the world have reached a handshake … for a framework," Lutnick told reporters. "We're going to start to implement that framework upon the approval of President Trump, and the Chinese will get their President Xi's approval. "And that's the process, so once the presidents approve it, we will then seek to implement it."

"When you put President Xi and President Trump on the phone together, it changes the outcome," Lutnick told reporters of the June 5 phone call. "Both sides had extra impetus in order to get things done because we both have our presidents behind us, pushing us to make sure we take care of our respective sides."

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He said that implementation of the May 12 Geneva agreement "was going too slowly, too painfully" before the presidents' phone call.

Lutnick said the framework is "really beneficial to the United States of America; it's really beneficial to the Chinese and the China economy".

"We will seek to grow our trading between the two countries," Lutnick said. He said the US wanted to grow its trade to reduce its trade deficit with China in a "positive way".

Lutnick said the US "absolutely expects" that the issue of export licenses for rare earth minerals and magnets form China to the US will be resolved, and the US in turn would lift some restrictions on tech exports to China.

China and the United States held the talks under the China-US economic and trade consultation mechanism, signaling the willingness of the world's two largest economies to sort out differences through equal dialogue, analysts said.

A mutually beneficial solution to a broader negotiation agenda can foster favorable conditions for normal economic and trade activities between the two countries, and make greater contributions to global economic recovery and growth, they said.

The analysts added that they expected the meeting, which came after Beijing and Washington agreed to a 90-day pause of triple-digit tariffs in May in Geneva, Switzerland, to go beyond tariff talks this time to include discussions on additional topics.

Chen Wenling, former chief economist at the China Center for International Economic Exchanges, said, "The significance of the China-US consultations lies not only in the specific outcomes achieved, but in the world's two largest economies' reaffirmation of the path of equal dialogue to resolve differences."

Economic and trade ties still remain "the ballast and stabilizer" of China-US relations, Chen said, stressing that holding the meeting is beneficial for avoiding the escalation of trade friction and for steadying the ship of bilateral ties, as well as for expanding cooperation.

Chen said, "The manner in which China and the US manage their differences and expand mutually beneficial collaboration will largely shape the trajectory of the global economy and trade."

"There is a global expectation that China and the US should demonstrate the wisdom and responsibility to keep their economic ties on a stable and constructive path, which would greatly benefit the world economy," Chen added.

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Michael Hart, president of the American Chamber of Commerce in China, said: "We believe that the US and China should continue to trade with each other."

Hart said he hopes to see the "tariffs as low as possible and trade as open as possible".

He noted that there are plenty of areas in which the US and China could cooperate, and said that China continues to be a place with advanced manufacturing and a strong supply base, while the US has a strong agricultural sector that needs exports to China.

"US companies want to make sure they have access to as many customers in China as possible, and they, in general, continue to see China as a positive market," Hart said. "It's in our best interests that the governments find a way to cooperate."

Zhou Mi, a researcher at the Chinese Academy of International Trade and Economic Cooperation, said, "If the US can heed market voices and reduce trade restrictions against China, China-US bilateral trade will be imbued with tremendous vitality, and there is hope for a significant increase in US exports to China."

Contact the writer at wangkeju@chinadaily.com.cn