China and the United States are set to convene their first vice-ministerial-level dialogue on trade and commerce in the first quarter of 2024, support provincial and state-level business cooperation between the two sides in the next phase, following a meeting between the top commerce officials of both countries.

During his meeting with US Secretary of Commerce Gina Raimondo in San Francisco on Thursday, Chinese Commerce Minister Wang Wentao said China is willing to work with the US to implement the consensus reached in the meeting between their top leaders in San Francisco, according to a statement released by China's Ministry of Commerce on Friday.

The Chinese commerce ministry said this marks the first ministerial-level meeting under the communication and exchange mechanism of the two countries' commerce ministries. The two sides engaged in practical, constructive and productive dialogue on China-US economic and trade relations, as well as mutually concerning economic and trade issues.

Wang said that both parties should adhere to principles of mutual respect, peaceful coexistence and cooperation for win-win results. They can better utilize the communication channels established between the commerce ministries of the two countries effectively, strengthen dialogue, manage differences and create a favorable environment for bilateral trade, investment and cooperation.

According to the statement, the two sides engaged in an in-depth exchange on national security issues in the economic and trade domain.

In the meantime, the Chinese commerce minister emphasized that the broadening and politicization of national security concerns are impacting normal trade and investment exchanges. The discussion on the boundaries of national security in the economic and trade domain is crucial.

Wang expressed concerns about issues such as the final rules on US semiconductor export controls to China, sanctions affecting Chinese companies, restrictions on bilateral investments and the US Section 301 tariff measures on China.