China-India relations have significance not only for the two countries but also have a great bearing on the region and the world at large, Chinese ambassador Sun Weidong has said.

The envoy also made four proposals to improve bilateral ties.

The proposals outlined were promotion of mutual understanding and trust, win-win cooperation, proper handling of differences and strengthening coordination and collaboration.

The ambassador was speaking at a virtual event on Tuesday that was organised to celebrate the 73rd Anniversary of the founding of People's Republic of China.

The Asian Century can only be fulfilled through joint development and mutually beneficial cooperation of China and India, as well as through strengthening solidarity and cooperation among China, India and other Asian countries, he said.

Following the eastern Ladakh standoff, India has been consistently maintaining that peace along the Line of Actual Control was key for the overall development of the ties and that the state of the border will determine the state of the relationship.

Last month, External Affairs Minister S Jaishankar said that the relationship between India and China was going through an "extremely difficult phase" after what Beijing had done at the border and had also emphasised that the Asian Century would not happen if the two neighbours could not join hands.

"Next year, India will assume the presidency of SCO and G20, and China will support India in its related works together with other member states," the ambassador said.