BEIJING, March 5 (Xinhua) -- China stands ready to work with the international community to put into action the Global Development Initiative and the Global Security Initiative and promote the shared values of humanity, said a government work report.

"We will stay committed to an independent foreign policy of peace and to peaceful development and pursue friendship and cooperation with other countries on the basis of the Five Principles of Peaceful Coexistence," according to the report submitted Sunday to the national legislature for deliberation.

"We will remain firm in pursuing a strategy of opening up for mutual benefit. We will continue working to safeguard world peace, contribute to global development, and uphold the international order," it said.