Lammy is the first British cabinet minister to visit China since Labour Prime Minister Keir Starmer took office in July.
He is expected to meet Wang after talks with Chinese Vice Premier Ding Xuexiang and other top Communist Party officials.
Lammy is seeking to tread a fine line between shoring up ties with a major trade partner while pushing Beijing on issues like human rights, the Ukraine war and Chinese policies in Hong Kong.
Photos showed the British foreign secretary receiving a red-carpet welcome and shaking hands with Ding at Beijing's opulent Great Hall of the People on Friday morning.
Flanked by other senior officials, the two men then sat opposite each other at long tables in a cavernous hall dominated by an expansive painting of the Great Wall of China.
Lammy will also hold meetings with British business leaders in the eastern megacity of Shanghai during his two-day trip.
The foreign secretary said in a Friday press release that "engagement with China is pragmatic and necessary to support UK and global interests", adding, "we must speak often and candidly".
Downing Street said the two sides "have shared interests, including a global green energy transition, and deep economic links", and noted that China -- including Hong Kong -- is the UK's fourth largest trading partner.
It also acknowledged that London and Beijing had "significant differences", adding that Lammy was committed to "challenging China where we must".
Downing Street added that the foreign secretary would "urge China to stop its political and economic support of the Russian war effort".
China has boosted ties with Russia since the invasion of Ukraine but maintains it is a neutral party and denies selling arms to Moscow.
Beijing's foreign ministry said it hoped Lammy's trip would help to "boost strategic mutual trust and strengthen dialogue and cooperation in all fields".
"The long-term stable development of bilateral relations accords with the common interests of both countries," spokeswoman Mao Ning said on Thursday.
"China is willing to work with the UK... and push for the sound and steady development of China-UK relations," she said.
- 'Golden era' no more -
Britain and China once made much of their burgeoning ties, with then Prime Minister David Cameron hailing a "Golden Age" in relations in 2015.
Much has changed since then, with Britain's criticism of China on human rights issues prompting sharp rebukes from Beijing.
The two sides have also sparred over espionage allegations, including cyberattacks and political interference.
Advocacy group Human Rights Watch on Friday urged Lammy to put respect for rights at the "very centre" of ties.
"David Lammy came to office promising to restore Britain's commitment to international law," associate China director Maya Wang said.
"A visit to China, a country that regularly seeks to subvert, manipulate or ignore these legal frameworks, will certainly test that ambition."
- Hong Kong hangover -
Perhaps the biggest sticking point between the two countries has been Hong Kong, the former British colony that London handed back to China in 1997.
Beijing imposed a sweeping national security law on the financial hub in 2020, snuffing out months of pro-democracy protests there.
London says the legislation has eroded special freedoms guaranteed under Hong Kong's mini-constitution, while China maintains that it restored stability in the city.
Beijing has told the UK and other countries to stop interfering in an issue it regards as a purely domestic affair.
Ahead of Lammy's trip, Starmer had called for the freeing of tycoon and pro-democracy campaigner Jimmy Lai from prison in Hong Kong.
Last week, Lai's legal team told reporters in London that they hoped Lammy would put the case "front and centre" during his visit.
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