Chinese Foreign Minister Wang Yi (L) meets with Mongolian President Tsakhiagiin Elbegdorj in Ulan Bator, Mongolia, on June 25, 2014. [Photo/Xinhua]

ULAN BATOR - Mongolian President Tsakhiagiin Elbegdorj held talks with visiting Chinese Foreign Minister Wang Yi on Wednesday, with both sides vowing to promote bilateral ties to a new level.

Elbegdorj said Mongolia-China relations are now in the best shape ever, with cooperation in various fields making remarkable headway.

The concept of "amity, sincerity, mutual benefit and inclusiveness" put forward by the Chinese leadership will create favorable conditions for advancing Mongolia-China ties and regional cooperation, he said.

The president also reiterated Mongolia's adherence to the One China policy and readiness to make joint efforts with the Chinese side to promote exchanges and cooperation in various areas and open a new chapter in bilateral ties.

Wang, for his part, said both Chinese President Xi Jinping and President Elbegdorj attach great importance to and try personally to push forward China-Mongolia relations, which adds great impetus to the good-neighborly relations and mutually beneficial cooperation.

China will follow its neighborhood diplomacy guideline featuring "amity, sincerity, mutual benefit and inclusiveness" in its cooperation with Mongolia in various areas, intensifying high-level exchanges, promoting economic and trade cooperation, and increasing cultural exchanges on multiple levels, Wang said.

The top Chinese diplomat also called on both sides to strengthen coordination on international and regional affairs and promote China-Mongolia ties to a new era of development.

Wang arrived here Tuesday on a three-day visit.