WASHINGTON -- China's new development stage of building an open economy with higher standards and better quality will provide a fresh driving force for China-US relations, said Chinese Ambassador to the United States Cui Tiankai.

"The year 2021 is essential as China enters a new development stage, which will provide fresh driving force for our relations," said Cui in his remarks at the annual gala of the US-China Business Council on Wednesday.

"China will foster a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other," said Cui of the proposals recently adopted at the fifth plenary session of the 19th Central Committee of the Communist Party of China on formulating the 14th Five-Year Plan for national economic and social development and the Long-Range Objectives Through the Year 2035.

"This does not mean that China is closing its doors or turning inward. Instead, it will build an open economy with higher standards and better quality. The Chinese economy serves as an important engine for global growth," Cui said.

"This new development paradigm is put in place so that the engine will function more efficiently and provide a stronger driving force for world economic development," he said.

The ambassador noted that China is "doing its best" to improve its investment and business environment.

A new Foreign Investment Law has been implemented, the negative list for foreign investment has been further cut, a master plan has been drawn up for the development of the Hainan Free Trade Port, and reform and opening-up in Shenzhen and Pudong, Shanghai have been further advanced, he said.

Meanwhile, China is promoting economic globalization and regional economic integration in a "more proactive way," he added.

China has signed the Regional Comprehensive Economic Partnership, and will favorably consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

"This will create more cooperation opportunities for companies worldwide, including American ones," said the ambassador.