This combo photo shows China's Minister of Commerce Wang Wentao (left) and US Secretary of Commerce Gina M. Raimondo. (PHOTOS / AFP & SCIO)

China and the United States will establish a new communication channel between their commerce authorities, according to a statement released by China's Ministry Commerce.

During his meeting with US Commerce Secretary Gina Raimondo on Monday in Beijing, Chinese Commerce Minister Wang Wentao and his US counterpart agreed to form a working group.

This group will comprise deputy ministerial and bureau-level government officials from both countries alongside business representatives, to seek solutions to specific commercial issues, according to the statement.

The working group will hold deputy ministerial level meetings twice a year. Wang and Raimondo have agreed to maintain regular communication and to meet at least once annually.

A working group will comprise deputy ministerial and bureau-level government officials from both countries alongside business representatives, to seek solutions to specific commercial issues, according to the statement released by China's Ministry Commerce

The two sides engaged in rational, candid and constructive communication regarding the implementation of the consensus reached by the two heads of state at their meeting in Bali, Indonesia, focusing on China-US economic and trade relations, as well as economic and trade issues of common concern, the statement showed.

Both sides have initiated an export control information exchange mechanism, serving as a means to interpret their respective export control systems and enhance communication. They will exchange information related to export control in accordance with their respective laws.

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The Chinese commerce minister emphasized his serious concerns regarding various issues, including the US Section 301 tariff measures on China, semiconductor policies, two-way investment restrictions, discriminatory subsidies and sanctions on Chinese companies during the meeting on Monday.

In addition to stressing that broadening the concept of national security is detrimental to normal economic and trade interactions, Wang highlighted that implementing unilateral and protectionist measures goes against market rules and the principles of fair competition, ultimately harming the security and stability of global industrial and supply chains.

Economic and trade relations are the cornerstone of China-US relations, Wang said, adding that trade between the two countries is important for their respective economies and the global economy.

China is willing to work together with the United States to create a favorable policy environment for cooperation between the business sectors of both countries and to promote bilateral trade and investment while upholding principles of mutual respect, peaceful coexistence and win-win cooperation, Wang said.

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Despite multiple assurances from the US that they don't intend to decouple from China, Wang expressed the hope that concrete actions would align with these statements.

With Xinhua's inputs