Beijing: Citing the impact of US-China relations on world peace and development, Chinese President Xi Jinping said that Beijing is ready to work with Washington, to "properly manage differences", contribute to each other's progress and push for common prosperity, Chinese state media agency Xinhua reported on Wednesday.

Xi stated that China is willing to work with the US based on three principles of "mutual respect, peaceful coexistence and win-win cooperation".

"As two major countries in the world, whether China and the United States can find a right path of state-to-state interactions bears on world peace and development, and the future of mankind," Jinping said.

He added, "Based on the three principles of mutual respect, peaceful coexistence and win-win cooperation, China is willing to work with the US side to advance mutually beneficial cooperation, properly manage differences, and make joint efforts to tackle global challenges, contribute to each other's progress, and push for common prosperity so as to deliver benefits to both countries and the whole world".

In a congratulatory message to the annual Gala Dinner of the National Committee on US-China Relations, Xi applauded the committee's longstanding dedication to the exchanges and cooperation between the two countries in various areas, Xinhua reported.

He also congratulated former US Secretary of State Henry Kissinger on winning an accolade at the gala.

The Chinese president further voiced hope that the committee and friends from all walks of life will continue to concern themselves with and support China-US relations and play a constructive role in promoting the sound and steady growth of bilateral ties.

US President Joe Biden also sent a congratulatory message to the Gala Dinner of the committee, Xinhua reported.

Notably, tensions between the US and China have escalated on a variety of issues, including technology, espionage, economic competition, and military strength. Multiple close military encounters in the South China Sea and the Taiwan Strait, as well as a spy balloon incident in February and current accusations that China has operated a spy base in Cuba since at least 2019.

Earlier in August, in a scathing attack on China, President Biden had described Xi's China as a "ticking time bomb" citing economic concerns. In June, Biden had even called Xi a "dictator".

Both statements were denounced by Beijing.

In another major decision, the Biden administration imposed restrictions on US investment in high-tech areas in China and barred exports of advanced microchips.

Several US leaders including Commerce Secretary Gina Raimondo, Secretary of State Antony Blinken and Treasury Secretary Janet Yellen have made visits to China in recent months in an effort to improve relations with China.