BEIJING - Chinese State Councilor and Foreign Minister Wang Yi co-chaired the 11th round of high-level strategic dialogue between China and the European Union (EU) with Josep Borrell, the EU's High Representative for Foreign Affairs and Security Policy, via video link on Tuesday.

Both China and the EU believe that bilateral exchanges should be based on mutual respect, seeking common ground while shelving differences, expanding cooperation and reducing antagonism, upholding the international order based on the UN Charter and international law, and jointly addressing common challenges such as COVID-19 and climate change, Wang said.

The EU has said on many occasions that it welcomes China's development, has no intention of engaging in institutional confrontation and will not engage in any form of "new Cold War." China appreciates that, Wang added.

Recently, there have been more contacts and dialogues between China and the EU, and many consensuses have been reached, which will help enhance understanding, expand mutual trust and reduce misjudgments, Wang noted.

"We should consolidate this positive momentum, enhance political mutual trust, properly manage differences and contribute as two major forces to addressing global challenges," Wang said.

Borrell said developing relations with China is an important agenda of the EU, and it is very important for the EU and China to maintain close and smooth communication. The EU is willing to work with China to prepare for the next stage of high-level exchanges between the two sides.

The EU welcomes the Global Development Initiative proposed by Chinese leader, which will play an important role in global economic recovery and poverty eradication. The EU also highly appreciates China's pledge to stop building new coal-fired power projects overseas. The EU is ready to continue to strengthen cooperation with China on fighting COVID-19, climate change and biodiversity conservation, Borrell said.