China is ready to strengthen exchanges on economic and trade fronts with the United States, and carry out cooperation on the basis of mutual respect, equality and mutual benefit, China's commerce minister said on Wednesday.

"In the next stage, I look forward to our joint efforts with colleagues in the US, in accordance with the recent phone call between the two leaders, to enhance communication and understanding, focus on cooperation, manage differences, and push bilateral economic and trade relations back to the track of cooperation," said Wang Wentao, minister of commerce, at a press conference.

Wang made his remarks after Chinese President Xi Jinping spoke by phone with his US counterpart, Joe Biden, earlier this month. The two presidents exchanged Chinese Lunar New Year greetings along with views on bilateral relations and major international and regional issues.