China's Ministry of Commerce confirmed on Thursday the Chinese government has received an invitation from the United States for trade talks, and welcomes this move. 

Gao Feng, spokesman for China's Ministry of Commerce, said China and the US are currently communicating on many specific details

Gao Feng, the ministry's spokesman, said China and the US are currently communicating on many specific details. The escalation of trade conflicts is inconsistent with the interests of either party.

His comments came after the White House's top economic adviser said on Wednesday the US government has invited Chinese officials to restart trade talks.

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“We are in communication right now and you could say that communication has picked up a notch,” said Larry Kudlow, director of Trump’s National Economic Council, who confirmed the report. “It’s positive thing,” he said.

The Wall Street Journal reported the US overture earlier on Wednesday, citing anonymous sources. The Dow Jones Industrial Average turned positive and emerging market assets rallied on the news.

If the US was to implement the planned tariffs on US$200 billion in Chinese goods and more, it will hurt the interests of China, the US and the world, Gao told reporters in Beijing. China urged the US to observe World Trade Organization rules and correct the excessive use of trade remedy measures, he said.

Last week, Kudlow said US President Donald Trump would be open to meeting with Chinese President Xi Jinping, possibly at a G-20 meeting in Argentina in late November.

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With Bloomberg inputs