BEIJING - China's Commerce Ministry said on Tuesday that it has taken note of the United States' announcement of a one-year pause, starting Nov 10, on a regulation that expands export control restrictions to any entity owned 50 percent or more by parties on US sanctions lists.

This is an important step the US side has taken in implementing the consensus of the China-US economic and trade talks in Kuala Lumpur, said a spokesperson for the commerce ministry.

The spokesperson said the two countries will continue discussions on arrangements after the one-year suspension of the so-called 50 percent ownership rule.

China is willing to work with the United States to strengthen dialogue and communication based on the principles of mutual respect and equal-footed consultation, manage their differences properly, and create favorable conditions for enterprises of both countries, as well as the security and stability of global industrial and supply chains, said the spokesperson.