Chinese Vice President Wang Qishan speaks in a video address at the opening ceremony of the Second Bund Summit, on Oct. 24, 2020. (RAO AIMIN / XINHUA)

BEIJING - Chinese Vice-President Wang Qishan on Friday underscored the importance of China-U.S. relations on world prosperity and stability, and stressed mutual respect and cooperation to promote healthy and stable development of bilateral relations.

Wang said the development of bilateral trade and economy have demonstrated the fact of complementary advantages, mutual benefits and win-win results since China and the United States established diplomatic ties more than 40 years ago

Wang made the remarks when he met with US representatives attending the 12th China-US CEO and former senior officials' dialogue via video link.

Wang said the development of bilateral trade and economy have demonstrated the fact of complementary advantages, mutual benefits and win-win results since China and the United States established diplomatic ties more than 40 years ago.

READ MORE: China's global vision presented in Wang Qishan's Davos speech

Wang said in the last 50 years since Dr. Henry Kissinger's visit to China, China and the United States, two countries that are so different in their social systems, development stages, value systems and culture, have benefited from cooperation in spite of frictions, disputes and differences.

Facts have shown that cooperation and common interests outweigh conflicts and differences between China and the United States, he added.

In the long term, the two countries still face competition in many areas, and there are contradictions and common interests between the two sides, Wang said.

ALSO READ: Vice President Wang Qishan meets with Colombian FM

The key to promoting a healthy and stable development of bilateral relations is to champion the spirit of non-conflict, non-confrontation, mutual respect and win-win cooperation, focus on cooperation and manage differences, Wang said.

US representatives said the two countries should meet halfway and look for the largest possible common ground on cooperation to guarantee a healthy and stable development of bilateral relations. They said the US business community will continue to actively promote dialogue and communication between the new US government and China.