The Chinese Foreign Ministry said Friday that China's and the United States' common interests far outweigh their disparities, in response to U.S. President Joe Biden's comments that China is the U.S.' "most serious competitor."

At a regular press conference, Foreign Ministry spokesperson Wang Wenbin said that just like with relations between any country, it is inevitable that there are disparities, but added that their common interests far outweigh their differences.

Biden made his first major foreign policy address since he took office as he visited the State Department on Thursday. Calling China the "most serious competitor" of the U.S., Biden said that the U.S. would confront China in terms of economy, "human rights, intellectual property and global governance."

However,  the U.S. president also said the administration is ready to work with Beijing when it is beneficial for the U.S. "We are ready to work with Beijing when it is in America's interest to do so," Biden said.

Areas of cooperation expanded, not narrowed

Wang Wenbin said that China and the U.S., both as major countries, share broad common interests in preserving world peace and promote global prosperity.

Peaceful development and win-win cooperation are the trends of the times and the common aspiration of all countries, Wang said, adding that China's development is the growth of world peace forces.

Facing global challenges, including the COVID-19 pandemic and climate change, the spokesperson said, areas that the two countries can and have to cooperate have expanded instead of narrowed.

China is committed to developing a win-win relationship with the U.S. that is free from conflict, confrontation with them mutually respect each other, Wang said, and China will continue to firmly safeguard its national sovereignty, security, and development interests.

Expert: A marked change from last administration

"Biden is careful with the choice of words, terming China a 'competitor' in place of the Trump administration's terms or 'rivalry' and 'adversary'," observed Yang Xiyu, Senior Fellow with the China Institute of International Studies, adding the change of wording is significant, during an interview with CGTN.

"It means he is seeing the bilateral relation with a clear-eye and in a more objective manner," Yang told CGTN.

The China-U.S. expert said that Biden's vocal message, "America is back" in his address could also mean coming back to more predictable and clear-headed ways with China.

"And when President Biden said the U.S. is ready to work together, though, under certain conditions, it also sends a positive signal," he added.

Yang expected signs of cooperation in the Biden term would first surface in two areas previously marred in the Trump administration.

"For many years until the last few years, China and the U.S. had been on very good terms in the human-to-human exchange and diplomacy arenas," Yang said. He suggested these two areas could first see signs of coming together.

Read More: Biden says U.S. willing to work with China 'in America's interest'

(CGTN's Sun Ye also contributed to the report.)