BEIJING, May 12 (Xinhua) -- The joint statement on the China-U.S. Economic and Trade Meeting in Geneva is an important step toward resolving differences between the two countries through equal dialogue and consultation, a spokesperson for China's Ministry of Commerce said Monday.

It laid the foundations and created the conditions for further bridging differences and deepening cooperation, the spokesperson said.

The spokesperson said that the high-level meeting achieved substantial progress by significantly reducing bilateral tariff levels. The United States will remove a total of 91-percent additional tariffs on Chinese products and China will accordingly cut 91-percent countermeasure additional tariffs against U.S. imports. The United States will suspend a 24-percent "reciprocal tariff" and China likewise will suspend a 24-percent countermeasure tariff.

Such initiatives met the expectations of manufacturers and consumers in both countries, and is in line with the interests of both nations and the broader global community, said the spokesperson.

The spokesperson expressed the hope that the U.S. side will, on the basis of this meeting, continue to work with China, move in the same direction, and fully rectify its erroneous practice of imposing unilateral tariffs.

China also hopes that the two countries will be able to continuously enhance mutually beneficial cooperation and maintain the healthy, stable, sustainable development of bilateral economic and trade relations to inject greater certainty and stability into the world economy, said the spokesperson. ■