China and the United States "should lose no time in taking bilateral relations onto the right track," Chinese Ambassador to the United States Cui Tiankai said on Thursday.

Cui made the remarks during a speech at a virtual reception and concert held to mark China's 71st National Day and the Mid-Autumn Festival.

He stressed that China is committed to "the sound and stable growth of China-U.S. relations" while firmly opposes a new "Cold War" or decoupling.

Acknowledging the bilateral relations are experiencing "severe difficulties rarely seen in the past 41 years," Cui hopes both sides to narrow differences and resolve disputes through dialogue and negotiation.

"The two countries should waste no time in putting bilateral ties on the right track of no conflict, no confrontation, mutual respect, and win-win cooperation," he said.

Meanwhile, the ambassador reiterated China's commitment to peaceful, open, cooperative, and common development, pledging that China will never seek hegemony or expansion.

A stable China-U.S. relationship is in the interest of both sides, said Cui, noting that China is ready to develop relations with the U.S. with goodwill and sincerity.