TALLINN, Sept. 27 (Xinhua) -- The bilateral relations are in a new period of development with huge and promising potential for cooperation in various fields, Chinese Ambassador to Estonia Li Chao said here on Thursday.

Delivering a speech at the reception in celebration of the 69th anniversary of the founding of the People's Republic of China, Li referred to the successful working visit to China paid by the Estonian President Kersti Kaljulaid, who attended the Summer Davos forum in Tianjin in eastern China last week.

"China and Estonia have their own strengths and share a vast common interest. The sound development of bilateral relations is in the interests of the two peoples," said Li.

"On the basis of mutual respect and equality, China is willing to work with the Estonian side to keep promoting bilateral relation to a greater development," he noted.

The Chinese ambassador also mentioned the high-level exchanges between the two countries including Estonian Prime Minister Juri Ratas's participation of the seventh China and Central and Eastern European Countries (CEEC) leaders' meeting in Sofia, Bulgaria in July, as well as Eiki Nestor, President of the Riigikogu Estonian parliament, who visited China together with the joint delegation of speakers from Nordic and Baltic countries for the first time in January.

Li also highlighted the enhanced bilateral cooperation in various fields including trade, energy, agriculture and e-commerce, as well as closer ties between the enterprises of the two countries and more frequent cultural and educational exchanges and people-to-people interactions.

Li stressed on China's drastic changes and great and historical achievements in the past 69 years, especially during the 40 years since the reform and opening-up, adding that this year China has introduced a host of major steps to deepen reform, expand opening-up and advance innovation, aiming to promote both China's own development and global growth.

"The rules-based multilateral trading system is the bedrock of economic globalization and free trade, and provides important safeguards for win-win outcomes. China will adhere to trade liberalization and unswervingly safeguard the WTO multilateral trading system," Li noted.

China will continue to work with the world to create a better future for all, actively build a community of shared future for mankind, and further promote jointly construction of the Belt and Road Initiative, he added.

Estonian former president Arnold Ruutel and Estonian Minister of Rural Affairs Tarmo Tamm were among the hundreds of reception participants including Estonian government officials and military officers, diplomatic envoys and oversea Chinese businessmen and students.