China says it welcomes a planned visit by US Treasury Secretary Steve Mnuchin to Beijing next week amid trade tensions between the world's two largest economies.

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Foreign ministry spokesman Lu Kang said Wednesday that China looks forward to the visit for "consultation on trade and economic issues."

The United States and China are entangled in their most consequential trade dispute since World War II. Both countries have proposed tariffs of $50 billion on each other's products; Trump is looking to impose tariffs of up to $100 billion more on Chinese goods.

Mnuchin has expressed optimism that the countries can avoid a trade war. He met last week with finance officials from China, Japan and Europe.

Chinese President Xi Jinping, meanwhile, has vowed to open China's market wider to foreign companies.