China and the European Union (EU) have confirmed the official establishment of China-EU trade and investment consultation mechanism as the two sides held the first meeting of the mechanism, according to a joint statement issued on June 30.

The two sides identified four initial workstreams under the mechanism, which include trade and investment balancing, export controls, intellectual property rights and WTO reform, the joint statement said.

China's Minister of Commerce Wang Wentao and European Commissioner for Trade and Economic Security and Interinstitutional Relations and Transparency Maros Šefčovič co-chaired the first meeting of the mechanism on June 29 in Brussels.

The two sides conducted comprehensive, in-depth and constructive discussions on key economic and trade issues, according to the statement.

The two sides also agreed to establish a joint monitoring mechanism.