In order to preserve international peace and prosperity, President Xi Jinping said China and the U.S. must "find ways to get along" according to state media on Thursday (Oct. 27).

As he started his record-setting third term in office, Xi said that doing so "will not only be good for both countries, but also benefit the world."

China and the U.S. have clashed in recent years over topics like Beijing's hostility towards Taiwan's self-government, its crackdown in Hong Kong, and human rights violations in Xinjiang.

Additionally, Beijing is accused by Washington of providing diplomatic cover for Russia's invasion of Ukraine.

Sunday's conclusion of the twice-a-decade Communist Party Congress saw Xi renew his five-year term as president of China.

"The world today is neither peaceful nor tranquil," Xi wrote in a congratulatory letter to the National Committee on U.S.-China Relations, according to Chinese state broadcaster CCTV, per Reuters.

"As major powers, strengthening communication and cooperation between China and the U.S. will help to increase global stability and certainty, and promote world peace and development," he said.

Xi went on to say that China was "willing to work with the US to give mutual respect, coexist peacefully ... (and) find ways to get along in the new era"

According to the Biden administration, China is the only competitor to the U.S. "with both the intent to reshape the international order and, increasingly, the economic, diplomatic, military and technological power to advance that objective"

Xi and U.S. President Joe Biden are set to attend the G20 conference in Bali, Indonesia, in November.

Biden stated in September that he would "see" Xi Jinping if the fellow world leader attended the next G-20 Summit in November.

The world's leading economies meet at the summit each year. Indonesian President Joko Widodo stated in an interview with Bloomberg News that both Xi and Russian President Vladimir Putin intend to attend the meeting.

During their phone call on July 28, when tensions over House Speaker Nancy Pelosi's travel to Taiwan were at an all-time high, Biden and Xi already discussed meeting at the G-20.

Chinese officials are arranging for Xi and Biden to meet in November in Southeast Asia, according to a previous Wall Street Journal report.

The U.S. Department of Commerce published extensive regulations this month that limit Beijing's access to chips, the Biden administration's most forceful effort to prevent China from developing capabilities that could challenge the US' global technological dominance.

Xi, for his part, has guaranteed that his country will triumph in its quest to create strategically critical technology.