KUALA LUMPUR -- China and Malaysia have agreed to build a high-level strategic China-Malaysia community with a shared future to accelerate their modernization efforts and jointly promote regional and global prosperity and stability.

The two countries made the announcement on Thursday in a joint statement released in the context of Chinese President Xi Jinping's state visit to Malaysia.

In the statement, China and Malaysia vowed to strengthen strategic coordination, deepen synergy of development, tighten people-to-people bonds, maintain peace and stability in the South China Sea, strengthen regional cooperation, and conduct multilateral cooperation.

Malaysia reiterated its firm commitment to the one-China policy, recognizing the government of the People's Republic of China as the sole legal government of China, Taiwan is an inalienable territory of the People's Republic of China, and in order for China to achieve national reunification, will not support any call for the independence of Taiwan.

The two sides agreed to become a pacesetter for regional cooperation on new quality productive forces and further synergize development strategies.

Focusing on four key areas of digital economy, green economy, blue economy and tourism economy, the two sides pledged to expand future economic cooperation, promote integrated, coordinated and complementary development, achieve deep integration of industrial and supply chains, value chains, data chains and talent chains, so as to further improve the level and quality of China-Malaysia cooperation.

The two countries also agreed to jointly build a safe and stable industrial and supply chain and strengthen cooperation.

According to the statement, the Malaysian side welcomes Chinese enterprises to participate in the construction of Malaysia's 5G network. Both sides look forward to exploring potential cooperation in the semiconductor industrial chain to the extent practicable to maintain the stability of the industrial and supply chains.

The two countries reaffirmed their commitment to strengthening rail transportation and infrastructure cooperation and contributing to the realization of the Pan-Asian Railway vision.

China said it welcomes Malaysia to continue promoting Malaysian products and expanding exports to China through platforms such as the China International Import Expo, the Global Digital Trade Expo and the China-ASEAN Expo.

As a way to tighten people-to-people bonds between the two countries, the two sides agreed to continue to conduct joint research on panda protection and expect to achieve more progress in this field.

In a bid to maintain peace and stability in the South China Sea, the two countries agreed to resolve disputes by peaceful means, through friendly consultations and negotiations, said the statement, noting that both sides recognized that the involvement of parties not directly concerned could be counter-productive.