Wang Wentao said that economic and trade relations are the ballast stone of Sino-US relations. Trade between the two countries is important to both their respective economies and the world economy. China is willing to work with the US side to uphold the principles of mutual respect, peaceful coexistence and win-win cooperation. The two sides established a working group composed of U.S. and Chinese government officials at the vice-ministerial and director-general levels to find solutions to specific business problems.