Chinese State Councilor and Foreign Minister Wang Yi gives an exclusive interview to Xinhua on China-U.S. ties in Beijing, capital of China, Aug. 5, 2020. (Xinhua/Zhai Jianlan)

-- China-U.S. cooperation has never been a case of one party giving favor to the other, or one party taking advantage of the other.

-- China rejects any attempt to create a so-called "new Cold War".

-- China is ready to enter into candid, effective consultation with the U.S. side.

BEIJING, Aug. 5  -- Chinese State Councilor and Foreign Minister Wang Yi said Wednesday the Chinese side is ready to enter into candid, effective consultation with the U.S. side and make cool-headed and sensible response to the impulsive moves and anxiety of the U.S. side.

Wang made the remarks in an exclusive interview with Xinhua on China-U.S. ties.

A visitor walks past the booth of Exxon Mobil Corp. during the second China International Import Expo (CIIE) in Shanghai, east China, Nov. 7, 2019. (Xinhua/Fan Peishen)

COOPERATION RATHER THAN DECOUPLING

"The development of China and of the United States is not a zero sum game, and we should not reject each other. What we should do is to draw on each other's strength to achieve common development," he said.

"China-U.S. cooperation has never been a case of one party giving favor to the other, or one party taking advantage of the other. Both countries have benefited much from this cooperation," he stressed

China and the United States now account for over one-third of global economic output and over 50 percent of global growth. Bilateral trade volume has increased by over 250 times since the early days of diplomatic ties and takes up one-fifth of the global total. Two-way investment has jumped from almost zero to nearly 240 billion U.S. dollars, and annual two-way visits by the two peoples have reached 5 million.

While the two countries are quite different in social system and many other aspects, such differences have not affected bilateral peaceful coexistence and cooperation, said Wang.