To Singapore now, where the inaugural meeting of the New Economic Forum is underway.

The forum, founded by American tycoon Michael Bloomberg, has attracted leading figures from around the world and aims to tackle a range of pressing global economic challenges. Chinese Vice-President Wang Qishan delivered a speech at the gathering and extended an olive branch to Washington. CGTN's Miro Lu has the details.

In a significant move, Chinese Vice President Wang Qishan has said that Beijing is ready to hold discussions with the United States on trade and reach a solution acceptable to both parties. Wang emphasized that China would remain calm and embrace greater openness during his keynote address at the inaugural edition of the Bloomberg New Economy Forum.

WANG QISHAN CHINESE VICE PRESIDENT "China will stay calm and sober-minded, embrace greater openness, and work for mutual benefits. Both China and the US would love to see greater trade and economic cooperation. The Chinese side is ready to discuss issues of mutual concern with the US and work for a solution on trade that's acceptable to both sides."

In his 20-minute address to more than 400 business and political leaders, Wang stressed that trade is the anchor for a healthy China-US relationship.

WANG QISHAN CHINESE VICE PRESIDENT "The world today faces many major problems that require close cooperation between China and the US. It is our firm belief, that China and the US will both gain from cooperation, and lose from confrontation. Our relationship will have a direct impact on global stability and development. Trade and economic cooperation remains the anchor and propeller of a steady and healthy China-US relationship which is, in essence, mutually beneficial."

Wang took a firm stand against unilateralism and protectionism and reiterated China's call for mutual respect and openness. 

WANG QISHAN CHINESE VICE PRESIDENT "China rejects the Cold War mentality and power politics. Instead, we believe that with mutual respect and support, we can make economic globalization more open, inclusive and balanced so that its benefits are shared by all, and together we will build a community with a shared future for mankind." 

Wang's address towed a similar line as the speech by the Chinese President Xi Jinping, at the import expo in Shanghai, where he promised to open up Chinese markets and reiterated his support for free trade and globalization.

MIRO LU SINGAPORE "Wang's announcement of China's intention to resolve the conflict comes just days before US and China are slated to hold senior level diplomatic dialogue in Washington DC. With Trump having threatened to impose further tariffs on Chinese imports if the two countries cannot reach a deal, all eyes will now be on Trump's meeting with Chinese President at the sidelines of the G20 summit. Miro Lu, CGTN."