BEIJING, Jan. 20 -- China is willing to work with the United States to build and advance bilateral ties featuring coordination, cooperation and stability, on the basis of mutual respect, equal dialogue, and managing differences while seeking common ground.

State Councilor and Foreign Minister Wang Yi made the remarks here Monday at the 2020 New Year reception hosted by the Chinese Foreign Ministry.

Sino-U.S. relations "have reached a new historical juncture" with notably increasing complexities and challenges, Wang said.

Noting that the signing of the phase-one economic and trade agreement serves the interests of both countries and peoples and was welcomed by the international community, Wang said China had engaged in dialogue and consultations with the United States on the basis of equality and mutual respect, while resolutely safeguarding its legitimate rights and interests.

He said the relationship of the world's largest developing and developed countries had a direct bearing on where the world is going.

Sino-U.S. interactions over the past 40 years have clearly shown that both sides stand to gain from cooperation and lose from confrontation, Wang said.c