WASHINGTON - Former senior officials, industrial leaders and experts from China and the United States have vowed to implement the two countries' recent consensus on de-escalating tensions in the trade relationship.

They made the pledge Tuesday during the 11th annual US-China CEO and Former Senior Officials' Dialogue, which was co-organized by the China Center for International Economic Exchanges (CCIEE) -- a Chinese think tank -- and the US Chamber of Commerce (USCC).

They agreed that a healthy and stable China-US economic and trade relationship is in the fundamental interest of both countries and the world.

They are of the same mind that bringing the China-US relations back on the right track is a common expectation of the two peoples and cooperation is always the only right choice for the two countries.

This year's event followed the meeting between Chinese President Xi Jinping and US President Donald Trump in Argentina on Saturday, when the two leaders agreed to ease bilateral trade tensions and launch negotiations toward a concrete win-win deal.

The Chinese delegation, led by former Vice Premier Zeng Peiyan who now heads the CCIEE, noted this year marks the 40th anniversary of China's reform and opening-up and it was also 40 years ago that China and the United States signed the joint communique announcing the establishment of diplomatic relations.

Over the past four decades, China has achieved stunning development thanks to the reform and opening-up, and China-US relations, meanwhile, have also made significant progress. The two countries should jointly facilitate the development of their relations, which should be based on coordination, cooperation and stability, according to a press release provided by the organizers.

The Chinese delegation expected the trade teams from both sides to put into practice the consensus reached between the leaders of the two countries and reach a specific, mutually beneficial agreement as soon as possible.

With regard to the cognitive divergences between Washington and Beijing on issues concerning intellectual property protection, technology cooperation, the role of Chinese state-owned enterprises, the US side should fully recognize the progress and achievements China has made through the reform and opening-up and eliminate the divergences.

The delegation called on the negotiating parties from China and the United States to meet each other halfway, to positively engage in building a new structure in the China-US economic and trade relationship featuring balance, inclusiveness and win-win outcomes, and to bring the China-US economic and trade relationship back on the normal track.

The US delegation, led by US Chamber of Commerce President and CEO Thomas Donohue, believed that what is at stake now is to avoid an irreversible deterioration of US-China ties or a continued escalation of bilateral trade tensions, and that the two sides should actively stem explicit and implicit sources of tension.

According to the press release, the US business community and people of insight cherished the hard-won results achieved since the establishment of US-China diplomatic ties 40 years ago, and they are willing to see concrete outcomes from the forthcoming negotiations and consultations between the two countries' trade teams.

The two countries should explore areas of cooperation where they have common interests and further open up markets, according to the US delegation.

In a joint statement issued after the dialogue, the CCIEE and the USCC said they agree that "clear and regular communications channels between the two governments are essential for resolving challenges."