The relationship between China and the United States mattered to global prosperity and stability, he said.

Wang stressed the fact that the trade and economic relationship between what are now the world’s two largest economies had for the past four decades, since the establishment of formal diplomatic relations in 1979, been complementary and mutually beneficial.

“Although there have been low tides of friction, conflict, contradictions and differences, we also have enjoyed the profits of moving closer, which proves that China and the United States have more common interests than differences,” he said.

US, China should be competitors not rivals, Beijing’s envoy to Washington says

The American representatives at the conference said the US and China should look for every opportunity to cooperate, and that the business community would continue to push Washington to strengthen dialogue and exchanges with Beijing, Chinese state media reported.

China’s leaders must wait and see what foreign policy stance Biden adopts but have said they are willing to work with the new administration to reset ties after clashing on everything from trade and technology to Hong Kong and the South China Sea during Donald Trump’s tenure.

“Traditionally, Singapore has had very close ties with the US but also worked very well with China,” Brende said in a virtual discussion with Singapore’s Prime Minister Lee Hsien Loong.

“And maybe at the Singapore meeting, the special annual meeting, could be a place where you could see the new Biden administration and China meet.”

Merkel backs Xi on need to avoid new cold war, but presses China on human rights, transparency

Biden and his cabinet members have already been in contact with senior officials across Europe and Asia to renew allegiances and pledge cooperation in countering China, but have yet to speak to leaders in Beijing.

Additional reporting by Reuters