(Yicai Global) May 11 -- China and the United States are maintaining communication to negotiate over trade, but the Asian nation won't budge on its stance against protectionism.

Presidents Donald Trump and Xi Jinping reached an important consensus on bilateral trade during a phone call on May 8, commerce ministry spokesman Gao Feng said in a press briefing yesterday.

He reiterated China's opposition to US trade protectionism and again said that the country does not want a trade war but is not afraid to fight, a mantra it has held since the US first considered slapping additional duties on USD50 billion worth of imports from China.

China hopes the two countries can maintain close communication and strengthen ties to more appropriately manage disagreements and drive healthy development, Gao added.

He also restated that China does not intentionally pursue a trade surplus, and its current trade balance is market based and subject to change.

Editor: James Boynton