Confrontation between China and the United States definitely leads to a lose-lose situation and will damage the world's peace, stability and development, State Councilor and Foreign Minister Wang Yi told US Secretary of State Mike Pompeo on Friday.

The two senior diplomats met on the sidelines of the annual ASEAN Foreign Ministers' Meeting and related meetings in Singapore amid widespread concerns over bilateral trade frictions.

Wang told reporters after their meeting that Pompeo agreed with China's stance that issues of common concerns could be addressed through talks on the basis of equality and mutual respect.

Pompeo also told Wang that he is not expecting such friction to continue, Wang added.

During their talks, Wang noted that currently China-US relationship is at a critical point.

China has always believed that cooperation is the only right choice for China and the US, and it also lives up to the common expectation of the international community, Wang said.

The two countries are permanent members of the United Nations Security Council and the world's two largest economies, and the direction of Sino-US relations is related to the well-being of the people of the two countries and the world, Wang said.

The two sides should work on the basis of mutual respect and equality, conduct dialogue and consultation to manage and control their differences, solve problems, and navigate the development of Sino-US relations to move forward on the right track, Wang said.

At the meeting, Pompeo said the US-China ties are very important, the US hopes that both countries will achieve success and the US has no intention of hindering China's development.

The US side will continue to adhere to the one-China policy and will not change it, he said.

The two sides should continue to make joint efforts to strengthen communication and cooperation on issues including the Korean Peninsula nuclear issue, Pompeo added.