Top business representatives and former senior officials from China and the United States are engaging in a dialogue on Tuesday and Wednesday to consolidate economic cooperation after the world's top two economies reached a consensus this month.

"A good Sino-US relationship benefits both sides and influences the world while providing scope for us to expand the benefits of globalization. Both sides should follow the consensus reached by our leaders ... and make more efforts to strengthen trust, deepen cooperation, expand benefits and control divergences," Premier Li Keqiang said in a meeting with US representatives at the Sixth Annual China-US CEO and Former Senior Officials' Dialogue.

"China is willing to be a participant and contributor to the new international economic and trade system, while expecting the US to create more favorable conditions for deepening Sino-US cooperation with a more open stance," Li said in Beijing.

The annual dialogue, jointly held by the US Chamber of Commerce and China Center for International Economic Exchanges in Beijing and Washington rotationally, serves as a second exchange track outside the governments.

The two countries held the sixth China-US Strategic & Economic Dialogue in Beijing on July 9 and 10 and reached fruitful agreements, including President Xi Jinping's pledge to accelerate talks for the bilateral investment treaty.

"Following the achievements of the S&ED, the active engagement of the dialogue between Chinese and American businesses and former senior officials shows the strong desire to improve Sino-US ties when it is confronted with challenges," said Zeng Peiyan, chairman of the China Center for International Economic Exchange and former Chinese vice-premier.

Thomas J. Donohue, President and CEO of US Chamber of Commerce, noted "some positive trends" over the past few years as China is becoming a huge and growing market for US businesses while Chinese investment in the US has rapidly accelerated.

"But there are serious challenges, both strategic and economic. The bottom line is that we are committed to finding a positive path forward on the challenges we face. ... American participants in this dialogue will be urging Chinese leaders to implement a positive economic reforms raised after the third plenum, ... strong support for the bilateral investment treaty with a 'negative list'. We will urge quick progress on the completion of the multilateral information technology agreement," Donohue said.

Wei Jianguo, vice-chairman of the China Center for International Economic Exchanges, said the US representatives are eager to learn of the Chinese government's following steps of economic reforms and the prospect of two-way investment.

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Premier Li Keqiang (right) shakes hands with US representatives at the Sixth Annual China-US CEO and Former Senior Officials' Dialogue in Beijing on Tuesday. Wu Zhiyi / China Daily