BEIJING, Oct. 16 -- Wang Yi, a member of the Political Bureau of the Communist Party of China Central Committee, met with Stephen Schwarzman, chairman and CEO of the Blackstone Group, in Beijing on Thursday.

Wang, who is also director of the Office of the Central Commission for Foreign Affairs, commended Schwarzman for his long-term efforts to promote people-to-people exchange and improve understanding between China and the United States.

Noting that China-U.S. ties are the world's most important bilateral relations, Wang said that peaceful coexistence is the bottom line that must be adhered to.

Equality, respect and the pursuit of mutual benefits are the correct ways for the two countries to deal with each other, he noted. Decoupling or the severing of industrial and supply chains is not a realistic or rational choice, and confrontation or antagonism will only lead to mutual loss, he said.

Wang noted that the two sides should carry out effective dialogue, handle their differences properly, and promote bilateral ties on a steady, sound and sustainable track.

Schwarzman said that U.S.-China relations have a great impact on the world, expressing hope that the two sides will strengthen communication, eliminate misunderstandings, and promote development and prosperity for both countries. He also expressed his willingness to make positive efforts to that end.