China, US should ensure smooth transition of relationship in election year: ambassador

Cui also said China has neither the intention nor the capabilities to challenge the leading role of the United States in the world.

"We are still a large and diverse developing country with more than 1.3 billion people. Our priorities are domestic. Our biggest ambition is better life for our people," the ambassador said.

"China recognizes US interests in the Asia-Pacific. We welcome a constructive and positive role by the United States in the region," Cui said. "As President Xi jinping pointed out, the Pacific is vast enough for both China and the United States to develop."

"The Asia-Pacific should not become an arena of major power rivalry. No country, big or small, can gain anything from it. All of us should work together to make our region a bright spot of peace and stability on the world scene, and a stronger engine of growth for the global economy," he said.

Cui said China and the United States share the responsibility with the rest of the world to maintain and improve the current international order.

China's development has benefited from the current international order, he said. "We have also participated in and contributed to it as it evolves. As China grows stronger, we are ready to take up more international responsibilities and make greater contributions."

"The Belt and Road Initiative, the establishment of the Silk Road Fund, and the AIIB (Asian Infrastructure Investment Bank), which started its operation last week, are all designed for this purpose. We hope that the United States will also be our partner in these projects," Cui added.

Cui also said that in building this new relationship model, Beijing and Washington will continue to count on the support of the business communities of the two countries.

China is now the largest trading partner of the United States and provides a market worth $450 billion.