BEIJING, June 27 (Xinhua) -- China is willing to maintain economic and trade exchanges with the United States based on equality, mutual respect and mutual benefit to deliver benefits to both countries and the world, Vice Minister of Finance Liao Min said, according to a statement released by the ministry on Friday.

Liao made the remarks when meeting with Graham Allison, a professor from Harvard University, on June 20. The two sides had in-depth exchanges on China-U.S. relations, bilateral economic and trade ties, and issues of mutual concern.

Guided by the important consensus reached by the two heads of state, the Chinese and U.S. economic and trade teams reached a consensus during high-level talks in Geneva and a principled agreement on consolidating those outcomes in London, and these developments have played an important role in stabilizing both China-U.S. relations and their economic and trade ties, Liao noted.

He stressed that China will firmly safeguard its legitimate rights and interests. And China is also willing to maintain economic and trade exchanges with the United States based on equality, mutual respect and mutual benefit to deliver benefits to both countries and the world.

Allison said that the relationship between the United States and China is one of the most important bilateral relationships in the world, and it is of vital importance that both sides maintain and deepen communication.

He noted that China has achieved notable progress in advancing economic transformation, expanding opening up, and fostering a fair and just market environment. Given the high interdependence of the U.S. and Chinese economies, further deepening economic and trade exchanges serves the common interests of both countries and the world, he said.