KUALA LUMPUR -- China, US delegations reached basic consensuses on arrangements to address respective trade concerns after two days of talks here.

The essence of China-US economic and trade relations is mutual benefit and win-win results, and the two countries gain from cooperation and lose from confrontation, Chinese Vice-Premier He Lifeng said after meeting in Kuala Lumpur from Saturday to Sunday with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer.

Guided by the important consensuses reached by the two heads of state in their phone conversations since the beginning of this year, the two sides had candid, in-depth and constructive exchanges of views on important trade and economic issues of mutual concerns, including the US Section 301 measures on China's maritime, logistics and shipbuilding sectors, extension of the suspension of reciprocal tariffs, fentanyl-related tariff and law enforcement cooperation, trade in agricultural products, and export controls.

The two sides agreed to work out specific details and follow the domestic approval processes of each side.

He noted that maintaining the stable development of China-US trade relations serves the shared interests of both countries and peoples, and meets the expectations of the international community.

Regarding economic and trade differences and frictions, the two sides should uphold the principles of mutual respect, peaceful coexistence and win-win cooperation, conduct dialogue and consultation on equal footing, and find ways to properly address each other's concerns, He said.

Safeguarding the hard-won achievements in China-US economic and trade consultations requires joint efforts from both sides, He said.

He urged the US side to work with China in the same direction, implement the important consensuses reached between the two heads of state during their phone conversations as well as the gains of bilateral trade talks held this year, further build mutual trust, manage differences, expand mutually beneficial cooperation, and promote China-US economic and trade relations to a higher level.

The US side said that the US-China economic and trade relationship is the most influential bilateral relationship in the world, expressing willingness to work with China in the spirit of equality and respect to properly address differences, deepen cooperation and promote shared development.

Both sides agreed that, under the strategic guidance of the two heads of state, they will make full use of the China-US economic and trade consultation mechanism, maintain close communication on respective concerns in the economic and trade fields, and promote the healthy, stable and sustainable development of economic and trade relations to benefit the two peoples and contribute to global prosperity.