WASHINGTON, Oct. 11 -- China and the United States achieved substantial progress in multiple areas after holding a new round of high-level economic and trade consultations on Thursday and Friday in Washington.

Under the guidance of the important consensus reached between the heads of state of the two countries, the two negotiation teams conducted candid, efficient and constructive discussions on economic and trade issues of mutual concern.

The two sides achieved substantial progress in areas including agriculture, intellectual property rights protection, exchange rate, financial services, expansion of trade cooperation, technology transfer and dispute settlement.

The two sides also discussed the arrangement for future consultations, and agreed to make joint efforts toward eventually reaching an agreement.

The Chinese delegation was led by Chinese Vice Premier Liu He, also a member of the Political Bureau of the Communist Party of China Central Committee and chief of the Chinese side of the China-U.S. comprehensive economic dialogue. The U.S. team was headed by U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

Also participating in the negotiation were Chinese Minister of Commerce Zhong Shan, Governor of the People's Bank of China Yi Gang, Vice Chairman of the National Development and Reform Commission Ning Jizhe, Deputy Director of the Office of the Central Commission for Financial and Economic Affairs and Vice Finance Minister Liao Min, Vice Foreign Minister Zheng Zeguang, Vice Minister of Industry and Information Technology Wang Zhijun, Deputy Director of the Office of the Central Agricultural Work Leading Group and Vice Minister of Agriculture and Rural Affairs Han Jun, and Vice Minister of Commerce and Deputy China International Trade Representative Wang Shouwen.