BEIJING - Chinese Premier Li Qiang on Sunday met with US Treasury Secretary Janet Yellen in Beijing.

It is hoped that the United States will abide by the basic norms of market economy including fair competition and open cooperation, refrain from turning economic and trade issues into political or security issues, and view the issue of production capacity objectively and dialectically from a market-oriented and global perspective, Li said.

The development of China's new energy industry will make important contributions to the global green and low-carbon transition, Li added.

Noting that the China-US relationship is beginning to stabilize under the strategic guidance of the two heads of state, Li said that China hopes the two countries will be partners rather than adversaries, with mutual respect, peaceful coexistence and win-win cooperation.

It is hoped that the US side will work with China to continue implementing the important consensus reached by the two heads of state, and translate the San Francisco vision into reality, he said.

As the world's two largest economies, China and the United States have deeply intertwined economic interests, Li said, adding that strengthening economic and trade cooperation is of great significance to each other's development and global economic growth.

He said the two sides should strengthen communication to jointly find ways to manage and resolve differences, so as to make China-US economic and trade cooperation stable, smooth and efficient, create more benefits for the enterprises and people of the two countries, and contribute to the world's economic development and improvement of people's livelihoods.

China is willing to strengthen policy coordination with the United States on climate change and other issues to jointly address global challenges, he added.

Yellen said that with the joint efforts of both sides, the US-China relationship has become more stable. As the world's two largest economies, the United States and China should manage their bilateral economic relationship responsibly.

She said the United States appreciates the progress made in US-China economic dialogue and cooperation, does not seek "decoupling" from China, and stands ready to work with China to implement the important consensus reached by the two presidents in San Francisco, communicate candidly, avoid misunderstandings, deepen exchanges and cooperation, properly manage differences, jointly cope with pressing global challenges and promote the steady development of bilateral relations.