China and the United States have reached consensus on multiple fronts during their economic and trade consultations, the Ministry of Commerce said on Thursday.

Under the consultation mechanism, Vice Premier He Lifeng, China's lead on economic and trade affairs with Washington, and Treasury Secretary Scott Bessent, the US lead, held their first dialogue on artificial intelligence, said spokesperson He Yadong.

The two teams held candid, in-depth and constructive talks on implementing existing agreements, reciprocal tariff cuts, setting up trade and investment councils, and extending the joint arrangement from the Kuala Lumpur consultations. 

Discussions were guided by the important common understanding reached by the two heads of state, in line with the principles of mutual respect, peaceful coexistence, and win-win cooperation, the spokesperson said.  

China will keep in close contact with the US through the mechanism on next steps, the spokesperson added.