China-US economic and trade relations are mutually beneficial and win-win in nature, and cooperation benefits both sides while confrontation harms both, said a white paper released by the State Council Information Office on Wednesday.

Maintaining the stable development of China-US economic and trade relations is in the fundamental interest of both nations and peoples, which is also conducive to global economic development, according to the white paper titled "China's Position on Some Issues Concerning China-US Economic and Trade Relations."

The release of the white paper came on the same day steep US tariffs of 104 percent for Chinese goods came into effect.

According to the document, Beijing and Washington can resolve differences in economic and trade areas through equal-footed dialogue and mutually beneficial cooperation.

Equal-footed dialogue should constitute the fundamental approach in addressing problems between major countries, the white paper said, adding that mutually beneficial cooperation can help the two countries realise their respective development goals.

The white paper noted the world anticipates China-US cooperation to generate more development opportunities.

According to the document, the reciprocal tariffs imposed by the Trump administration will damage its own and others' interests, and is a severe violation of World Trade Organization rules that damages the multilateral trading system and erodes the legitimate rights and interests of the parties affected.

It also said tariffs will increase inflationary pressure in the United States, weaken its industrial base, aggravate panic in the financial market and increase the risk of US economic recession.

"History has repeatedly taught the lesson that trade protectionism will not help strengthen a country's domestic economy," the white paper said.

"Instead, it will do severe damage to world trade and investment, which could trigger a global economic and financial crisis, with the inevitable consequences for oneself and others." (Reporting by Xinhua)