Decoupling and severing supply chains is neither a realistic nor a rational choice, and confrontation will only lead to a lose-lose outcome, Foreign Minister Wang Yi said on Thursday when meeting with Stephen Schwarzman, chairman and CEO of asset management company the Blackstone Group, in Beijing.

Wang, who is also a member of the Political Bureau of the Communist Party of China Central Committee, described relations between China and the United States as the most important bilateral relationship in the world today.

For the two countries, he noted that peaceful coexistence is the bottom line that must be upheld, while mutual respect, equality and mutual benefit are the right way to engage with each other.

The two sides should strengthen effective communication, properly manage differences, and work together to promote the sound, steady and sustainable development of China-US relations, Wang added.

He commended Schwarzman for his long-standing efforts in promoting people-to-people exchanges and mutual understanding between China and the US, as well as for his positive contributions to the development of bilateral ties.

Schwarzman said that the US-China relationship has a bearing on the world. He expressed the hope that both sides will enhance communication, eliminate misunderstandings and advance their respective development and prosperity, adding that he stands ready to continue making positive efforts toward this end.