China and the European Union (EU) should develop a long-term vision for bilateral ties to achieve common goals, an EU envoy said Thursday.

China and the EU should seek common ground while putting aside differences, EU Ambassador to China Serge Abou said during a speech at the Beijing-based University of International Business and Economics.

"Both sides should show strategic patience with each other's stance, build strategic trust and interdependence," Abou said.

China and the EU had many common interests and values in safeguarding global political stability, building an effective multilateral framework for global governance and realizing Millennium Development Goals and sustainable economic development, Abou said.

Both parties also had a common interest in building a stable financial framework and free trade zones as well as promoting the international nuclear non-proliferation process, Abou said.

"The EU has a clear One-China Policy and China supports the EU integration," he said.

The EU is China's biggest trade partner and China is EU's second biggest trade partner. China had become the biggest market for many EU companies, Abou said.

However, Abou said both parties had differences. "We should accept our differences and divergences. We may be both partners and competitors together."

Abou said China and the EU should fix common goals and enhance cooperation.

Both parties should strengthen dialogue in areas such as foreign and security policy, economy and trade, cultural and people-to-people exchanges, he said.