Chinese Ministry of Commerce (MOFCOM) on Wednesday elaborated on the initial outcomes of recent China-US economic and trade consultations.

US President Donald Trump paid a state visit to China from May 13 to 15. Ahead of his visit, the economic and trade teams of China and the US held consultations in the Republic of Korea on May 12 and 13.

According to the ministry, the two sides conducted intensive consultations on the specific outcomes of the talks and reached positive consensus on a range of issues.

Based on its air transport development needs, China will purchase 200 Boeing aircraft in accordance with commercial principles, MOFCOM announced.

Meanwhile, the United States will guarantee China a sufficient supply of engines and spare parts, a ministry official said in a statement.

The ministry also noted that China implements export controls on rare earths and other critical minerals in accordance with laws and regulations, and reviews license applications that are compliant and for civilian use.

"China is willing to work with the United States to jointly create favorable conditions for promoting mutually beneficial cooperation between enterprises of the two countries and ensuring the security and stable operation of global industrial and supply chains," the official added.

In addition, China and the United States have agreed in principle to discuss, under the trade council, a reciprocal tariff reduction framework arrangement on products of equivalent scale worth $30 billion or more on each side, the ministry said.

The products of respective concern as agreed by both sides are expected to enjoy most-favored-nation tariff rates or even lower rates, a ministry official said.

Once implemented, the arrangement will not only help stabilize and expand bilateral trade between China and the United States, but also serve as a useful reference for global open cooperation, according to the official.

The economic and trade teams of the two sides will maintain close communication, work out specific arrangement and push for its implementation as soon as possible, the official added.