President Xi Jinping said China has reached a consensus with the United States on economic and trade issues after meeting on Thursday with US leader Donald Trump.

The consensus on solutions to problems was reached after in-depth talks by teams from both sides.

Xi made the remarks during a meeting with Trump after landing in Busan for the 32nd Apec Economic Leaders' Meeting in Gyeongju and a state visit to South Korea.

Noting that economic and trade interactions should remain ballast and driver of ties, not obstacles or sources of conflict, Xi called on both sides to focus on long-term benefits brought by cooperation rather than falling into vicious cycle of retaliation.

He also called for the economic and trade teams from both sides to constantly narrow down the list of problems and extend the list of cooperation based on the principles of equality, respect and mutual benefit.

"Both teams should refine and finalise follow-up work as soon as possible, maintain and implement the consensus and provide tangible results to set minds at ease about the economies of China, the United States and the world," he added.

"China's economy is like an ocean, and China is confident and capable of dealing with all kinds of risks, challenges."

Xi also told Trump the two countries "should have positive interactions on the regional and international stage" and that "China never seeks to challenge or replace any country and is focused on doing its own business well".

Both sides have good prospects for countering telecom fraud, money laundering, he said.

The meeting between the leaders of the world's two biggest economies came as a Ministry of Commerce official in Beijing unveiled the outcomes achieved by the teams during their recent economic and trade talks in Kuala Lumpur.

The US side will cancel the 10-percent so-called "fentanyl tariffs" and suspend, for an additional year, the 24-percent reciprocal tariffs levied on Chinese goods, including goods from the Hong Kong and Macau SARs, the ministry said.

China will make corresponding adjustments to its countermeasures against the US tariffs, the official said, noting that both sides have agreed to continue extending certain tariff exclusion measures.

The United States will suspend for one year the implementation of a new rule announced on September 29 that expands its "entity-list" export restrictions to any entity that is at least 50 percent owned by one or more entities on the list.

China will suspend the implementation of relevant export-control measures announced on October 9 for one year and will study and refine specific plans.

The US side will suspend the implementation of measures under its Section 301 investigation targeting China's maritime, logistics and shipbuilding industries for one year, bringing an equally reciprocal suspension by Beijing of its countermeasures once the US suspension takes effect.

In addition, the two sides also reached consensus on issues including anti-drug cooperation on fentanyl, expanding agricultural product trade and the handling of individual cases involving relevant enterprises.

Both sides further confirmed the outcomes of the Madrid economic and trade talks. The US side made positive commitments in areas such as investment, and China will properly resolve issues related to TikTok with the US side.

The China-US economic and trade talks in Kuala Lumpur have yielded positive results, demonstrating that by upholding the spirit of equality, respect and mutual benefit, and through dialogue and cooperation, the two sides can find solutions to problems, the official said.

Noting that the outcomes are hard won, the spokesperson said China looks forward to working with the US side to jointly ensure the implementation of the outcomes, and inject more certainty and stability into bilateral economic and trade cooperation as well as the world's economy. (Xinhua/AFP)