BEIJING, May 4 (Xinhua) -- China and the United States reached agreements on some issues in their economic and trade consultations in Beijing from Thursday to Friday, and agreed to set up a work mechanism to keep close communication.

Chinese Vice Premier Liu He, also a member of the Political Bureau of the Communist Party of China Central Committee, held candid, efficient and constructive talks with the U.S. delegation led by U.S. president's special envoy and Treasury Secretary Steven Mnuchin, on economic and trade issues of common concern.

The two sides agreed that a sound and stable China-U.S. trade relationship is crucial for both, and they are committed to resolving relevant economic and trade issues through dialogue and consultation.

The two sides had thorough exchange of views on issues including increasing U.S. exports to China, bilateral service trade, two-way investment, protection of intellectual property rights, as well as resolving tariff and non-tariff issues, reaching consensus in some areas.

Both sides recognized that given that considerable differences still exist on some issues, continued hard work is required for more progress.

They also agreed to stay in close communication on relevant issues and establish a corresponding work mechanism.