The 12th round of China-US high-level economic and trade consultations marked an important step forward in a new process, Chinese State Councilor and Foreign Minister Wang Yi said.

Speaking at a press conference after meeting with Thai Foreign Minister Don Pramudwinai on Wednesday, Wang said that the new round of consultations marked the implementation of the consensuses reached by the top leaders of the two countries in Osaka, Japan, and also echoed the call of the international community.

"We believe that as long as the two sides conduct consultations on the basis of equality and mutual respect and address each other's concerns, a mutually beneficial agreement will be reached, which will not only serve the interests of China and the United States, but also the common interests of the countries around the world," Wang said.

Wang said the restart of the China-US high-level economic and trade consultations proved again that no matter how complicated the issues between the two countries are or how sharp their differences are, both sides need and should communicate through face-to-face dialogue so as to find a proper solution.

"We should also be aware that despite differences, there is also a vast space for cooperation between China and the United States," Wang said.

A meeting between Wang and US Secretary of State Mike Pompeo will be held on Thursday here as scheduled, which Wang said represents an important opportunity for them to communicate.