China and the United States should "seize the momentum" of the recent meeting of their presidents in Busan, the Republic of Korea and keep the "giant ship" of bilateral relations on a steady course, Beijing's top envoy in Washington said on Monday.

The world has breathed a sigh of relief and feels happy about the positive turnaround in China-US relations after their heads of state met on Thursday, a meeting that "recalibrated bilateral relations at a crucial time," Ambassador Xie Feng said.

The difficulties and challenges confronting China-US relations should not be underestimated, yet it is even more crucial to sustain hope and continue efforts to steady and advance the relationship, he said at the US-China Business Council 2025 China Operations Conference and Dinner in Shanghai via video link.

"When we see each other as a partner, there is no problem we cannot solve; but if we treat one another as a rival, problems will arise even when there are none at first," Xie said.

The envoy said that before the presidential meeting, and the trade talks in Malaysia that preceded it, many in the US business, agricultural and technology communities, including soybean farmers, came to the Chinese embassy to share their concerns about trade tensions rising again between China and the United States.

As a result of the meeting and the trade negotiations last week, the US will lower fentanyl tariffs on China from 20 percent to 10 percent and suspend 24 percent reciprocal tariffs for one year on Chinese goods, while China will adjust its countermeasures accordingly.

The two sides also agreed on anti-drug cooperation, expanded agricultural trade and the handling of individual enterprise cases, according to statements from both countries.

"The pressing priority is to follow up on the consensus reached between the two presidents at their meeting and the joint arrangements reached during the economic and trade talks in Kuala Lumpur," Xie said, adding that doing so would "reassure both our countries and the world economy with concrete actions and outcomes."

He cautioned that "it would be unacceptable to say one thing but do another, cause any new disruption, make zero-sum calculations, let alone try to profit at others' expense."

The ambassador said that the recommendations for formulating China's 15th Five-year Plan (2026-2030) will open a broader space for China-US cooperation by harnessing the momentum of sustained development.

China's GDP is expected to reach about 140 trillion yuan ($19.7 trillion) this year, and by 2035 its per capita GDP will be on a par with a mid-level developed country, meaning that China will continue to be a reliable engine of global growth, he said.

Innovation will serve as another major source of opportunity, as China's push to develop new quality productive forces is expected to generate multi-trillion-yuan markets in emerging fields like new energy and new materials, and its expanding?high-tech sector will create new prospects for bilateral cooperation in research, investment and sustainable industrial upgrading.

Meanwhile, China's continued commitment to high-level opening-up will facilitate deeper two-way economic engagement.

"Our focus is on managing our own affairs well, being a better self, and at the same time, sharing development opportunities with the rest of the world. This is the code of China's success, and also brings an oasis of certainty to China, to China-US relations and to the world," Xie said.

Calling US companies both "passengers and sailors" on the voyage of China-US cooperation, Xie urged them to be "early birds" in capturing new growth opportunities, to act as a driving force for stable bilateral relations, and to serve as bridges fostering mutual understanding between the two peoples.

He highlighted the 8th China International Import Expo, scheduled in Shanghai from Nov 5 to 10, as a key venue for partnership, noting that US companies have consistently been among the largest exhibitors and beneficiaries of the event.

The US-China Business Council, which represents leading American firms operating in China, said in a statement after the presidential meeting that the latest trade announcement was "very encouraging" and expressed hope for "long-term predictability" in bilateral trade ties.

Its annual member survey, released in July, shows that 82 percent of its members reported profits last year in China.

It found that trade policy and tariffs remain top concerns for US companies, but many also see China's market potential as indispensable to their global strategies.