Lammy flew in for a two-day visit, with the new Labour government in London under pressure to raise the issue of human rights abuses with China but also maintain ties with a major trading partner.
In a readout of the meeting, the Foreign Commonwealth and Development Office said Lammy called for Chinese cooperation in the fight against climate change as well as on global health issues and the safe development of artificial intelligence.
Both he and Wang described the talks as "constructive", promising a "pragmatic" approach to tackle issues of mutual interest.
But Lammy also brought up British concern about Chinese support for the Kremlin since its invasion of Ukraine in February 2022, urging Wang to take steps to end the supply of weapons to Russian troops.
"He (Lammy) stated how both the UK and China have a shared interest in European peace and ending the war," the statement read.
"He reaffirmed that concerns over China's supply of equipment to Russia's military-industrial complex risks damaging China's relationships with Europe whilst helping to sustain Russia's war."
China has boosted ties with Russia since the invasion but says it is a neutral party and denies selling arms to Moscow.
NATO member Britain, on the other hand, is a vocal ally of Kyiv and has promised GBP 3 billion ($3.9 billion) in military support every year until the conflict ends.
- Human rights -
Before his visit, Lammy and Prime Minister Keir Starmer faced calls to demand the immediate release of Hong Kong media tycoon and pro-democracy campaigner Jimmy Lai.
He was arrested under sweeping national security laws in Britain's former colony and has been in jail since 2020, triggering an outcry from Western press freedom groups and human rights bodies.
Lammy, who brought up another bone of contention with Beijing -- alleged Chinese human rights abuses against the Uyghur minority in Xinjiang province -- raised "serious concerns" about the rule of law in Hong Kong, the FCDO said.
"The Foreign Secretary raised serious concerns around the implementation of the National Security Law and the ongoing treatment of British national Jimmy Lai, again calling for his release," the statement said.
Britain and China once made much of their burgeoning ties, with David Cameron, prime minister at the time, hailing a "Golden Age" in relations in 2015.
But ties between London and Beijing have been at a low ebb for years, after British criticism that special freedoms guaranteed under Hong Kong's mini-constitution have been eroded.
China maintains that it restored stability in the city and has told Britain and other countries to stop interfering in an issue it regards as a purely domestic affair.
With wider claims of Chinese espionage and political interference as well as Beijing-backed cyberattacks, some British lawmakers have demanded a tougher line against China.
But Starmer's administration sees the opportunity for a reset of relations, pushing a line of cautious pragmatism, however tricky that may be.
Wang for his part promised partnership and talked of a "new starting point".
"We hope to... respect each other's concerns, deepen strategic communication, build a long-term and stable policy framework... and promote China-UK relations entering into a new stage of stable development," he added.
Lammy met Chinese Vice Premier Ding Xuexiang and other top Communist Party officials and will also meet British business leaders in the eastern megacity of Shanghai during the trip.
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