Wang Yi, China's Foreign Minister, urges Blinken to lift sanctions on Chinese companies.

China's Foreign Minister Wang Yi advised U.S. Secretary of State Antony Blinken that Washington should lift sanctions on Chinese companies and individuals, and that efforts to de-couple from China would only harm the United States.

Wang advised Blinken on Friday at the Munich security conference that the United States should lift the sanctions and not hinder China's legitimate development, according to the foreign ministry's statement.

The U.S. has imposed sanctions on Chinese companies and individuals over alleged military ties and human rights abuses in Xinjiang.

Recently, Sino-U.S. relations have improved as both sides made efforts to rebuild communication channels, following a period where ties between the two global powers reached their lowest point in decades.

But many points of friction remain.

The Biden administration has prohibited the sale of specific technologies to Chinese businesses due to national security concerns. In response, China has accused the US of weaponizing economic and trade disputes.

Wang warned Blinken that focusing on "de-risking" by targeting China, building "small yards and high walls," and seeking "decoupling from China" would only harm the U.S. itself.

The ministry stated on Saturday that the exchanges between the two men were "open, significant, and beneficial."

The statement said that both sides discussed regional issues, including the Ukraine crisis and the Korean Peninsula, without providing additional information.

The Korean Peninsula envoys of both sides will maintain communication.

Wang emphasized that the United States should adhere to the one-China principle if it seeks stability in the Taiwan Strait.

Wang stated that the true status quo in the Taiwan issue is that there is only one China in the world, and Taiwan is part of China's territory.

While China views Taiwan as part of its territory, Taiwan disagrees with China's sovereignty claims and asserts that only the island's residents have the right to determine their future.

While the U.S. President has stated that the U.S. does not support Taiwan's independence, the country maintains unofficial relations with the island and remains its primary backer and arms supplier.

Since their talks in November, China and the U.S. have made progress in bilateral relations, reaching agreements on fentanyl, military communications, and artificial intelligence during the Asia-Pacific Economic Cooperation summit.

In late January, China and the U.S. held their first joint meeting of a working group on fentanyl precursor chemicals in Beijing. Additionally, China's financial officials hosted U.S. Treasury officials earlier this month.

The Chinese foreign ministry statement revealed that Blinken and Wang discussed exchanges "at all levels" between the two countries in the next stage and agreed to maintain dialogue in all areas.