Hope US-China can reach mutually beneficial agreement on trade - Wang Yi

A senior Chinese diplomat said on Tuesday that US-China trade talks to date have achieved "much positive progress," as the world's two largest economies look for ways to end their bruising trade war.

The statement comes as U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer have arrived in Beijing for the latest round of talks before Chinese Vice Premier Liu He goes to Washington next week for another round of talks in what could be the end game for negotiations.

A statement issued by China's foreign ministry quoted State Councillor Wang Yi as saying during a meeting with former U.S. lawmakers that he hopes the two countries can reach a mutually beneficial agreement on trade.

Earlier today, Mnuchin told reporters that he hopes to make "substantial progress" with Chinese negotiators in the next two rounds of trade talks. "We've made a lot of progress. We look forward to the meetings here, " the US official said.

Both sides have cited progress on issues including intellectual property and forced technology transfer to help end a conflict marked by tit-for-tat tariffs that have cost the world's two largest economies billions of dollars, disrupted supply chains and rattled financial markets.

U.S. President Donald Trump said on April 4 that the two sides could have a deal worked out in about four weeks. On Thursday, he said he would soon host Chinese President Xi Jinping at the White House - a meeting seen as needed to cement an agreement.

Though a final date for a deal - if there is one - remains unclear, talks have brought China and the United States to a crossroads in their fraught relationship. China has long defined commerce as the ballast in the relationship.