(Yicai Global) Aug. 8 -- China and the US aim to deepen relations and comprehensively map out bilateral policies for the next 50 years during President Trump's state visit later this year, Chinese Foreign Minister Wang Yi said after talks with US Secretary of State Rex Tillerson at one of the Foreign Ministers' Meetings on East Asian Cooperation in Manila on Aug. 6.

As the world's largest and second largest economies, the US and China have managed to steer clear of conflicts and confrontations, which is not only beneficial to both countries' interests but also to global peace and development, Tillerson said.

Both sides should seriously consider how to define US-China relations for the next 50 years based on current successes, he suggested. Following successful meetings between the presidents and four dialogues, the pair should aim to enhance mutual understanding and deepen cooperation in order to move forward with the development of bilateral ties.

The most important factor in avoiding confrontation and maintaining the development of continuous bilateral relations is that both sides have observed the one-China policy and the three China-US joint communiques, Wang said.

Going forward, the two countries should continue to draw on previous successes and look to overcome any new obstacles that could arise in the development of bilateral relations, he added. The two countries should work together to address global and regional challenges by developing a broader vision for collaboration.

Wang reiterated China's opposition to unilateral sanctions that the US government has imposed on Chinese enterprises based on its domestic laws.

The Chinese and US presidents have held two meetings at Mar-a-Lago, Florida, and Hamburg, Germany, since Trump's inauguration. Both countries concluded and actively pushed forward the 100-day plan to promote economic and trade cooperation and successfully organized the first China-US Comprehensive Economic Dialogue. More recently, the two countries initiated a one-year action plan, and identified macroeconomic policies, trade and investment, the global economy and international economic governance as four key areas for bilateral collaboration.