People-to-people and cultural exchanges are thriving, making China and Europe a great example of cultural dialogue and engagement, a senior Chinese official said in Munich on Saturday.

Yang Jiechi, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, said this in his keynote speech themed "Working for a Community with a Shared Future for Mankind by Promoting International Cooperation and Multilateralism" at the 55th Munich Security Conference.

Fifteen years since the establishment of the China-EU comprehensive strategic partnership, the two sides have developed an all-dimensional and multi-tiered framework of exchanges and cooperation covering wide-ranging areas, said Yang, who is also director of the Office of the Foreign Affairs Commission of the CPC Central Committee.

Efforts to build China-EU partnerships for peace, growth, reform and civilization have made substantial progress, Yang noted.

"It is essential that our two sides continue to draw on each other's strengths, focus on shared interests, remove obstacles and work together to seize the opportunities presented by the Fourth Industrial Revolution and meet our people's aspirations for a better life," said the official.

This year marks the 70th anniversary of the founding of the People's Republic of China. Under the leadership of the Communist Party of China, Yang said, the country has embarked on the right path, one that is suited to its national conditions and follows the trend of the times.

The Chinese economy has entered a new phase of transitioning from high-speed growth to high quality development, operating within a proper range and maintaining overall stability and continued progress, he added.

"Facing lackluster new drivers and mounting downward pressure in the global economic context, China has enough resilience and huge potential to keep the economy on a sound track for a long time to come," Yang said.

The enormous effective demand being generated by the 1.4 billion Chinese people who are moving up the income ladder will provide the world with even more opportunities in terms of market, investment and cooperation, he reassured.