Chinese Minister of Commerce Wang Wentao held talks with visiting U.S. Commerce Secretary Gina Raimondo on Monday in Beijing, according to a statement of China's Ministry of Commerce released on Monday.

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-U.S. economic and trade relations, as well as economic and trade issues of common concern, said the statement.

Economic and trade relations are the cornerstone of China-U.S. 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.

Wang has raised serious concerns about issues including the U.S. Section 301 tariffs on Chinese goods, its semiconductor policies, restrictions of two-way investment, discriminatory subsidies, and sanctions on Chinese enterprises.

He noted that the generalization of the concept of national security is not conducive to normal economic and trade exchanges, and unilateral and protectionist measures run counter to market rules and the principle of fair competition, and will only harm the security and stability of the global industrial and supply chains.

Noting that the United States has repeatedly stated that it does not seek decoupling with China, Wang said the U.S. side should match its words with actions.

While acknowledging the importance of conducting open and productive dialogues between China and the United States in the field of economy and trade, Wang and Raimondo announced the establishment of new communication channels between China's Ministry of Commerce and the U.S. Department of Commerce, according to the statement.

A working group has been set up, composed of deputy ministerial and bureau-level government officials from both China and the United States, along with representatives from the business sector, to seek solutions to specific business issues, said the statement. The working group will hold deputy ministerial-level meetings twice a year.

Wang and Raimondo agreed to maintain regular communication, meeting at least once a year, said the statement.

Additionally, the two sides have initiated an export control information exchange mechanism, which serves as a mechanism for explaining their respective export control systems and improving communication. Both sides will exchange information on export control in accordance with their respective laws, according to the statement.

The two sides also discussed and agreed that experts from both countries will engage in technical consultations on the protection of trade secrets and confidential business information during the process of enhancing administrative licensing, the statement added.