The mainland and Taiwan should elevate cross-Straits communication and create new prospects for cross-Straits mutual understanding and economic cooperation, Yu Zhengsheng, chairman of the Chinese People's Political Consultative Conference National Committee, said on Monday.

Addressing the opening ceremony of the 2017 Cross-Straits Entrepreneurs Zijin Mountain Summit, Yu said the two sides should make joint efforts to face challenges that cannot be ignored and boost the peaceful development of cross-Straits ties.

"Cross-Straits relations in the new era face new opportunities and space for development," said Yu. "We will fully implement the policies adopted by the 19th CPC National Congress and help promote the continuous development of cross-Straits relations."

The two sides should stick to the one-China policy and the 1992 Consensus, which defines the fundamental nature of the two sides and safeguards the peaceful development of cross-Strait ties, said Yu.

"We firmly oppose 'Taiwan independence' in any form and endorse the principle that the two sides belong to the same family," said Yu. "People of the Chinese mainland and Taiwan should work together to create a bright future for the Chinese nation."

The 2017 Cross-Straits Entrepreneurs Zijin Mountain Summit has significant meaning as it was the first important communication activity between the mainland and Taiwan held after the 19th Party Congress, he said.

The two-day summit taking place in Nanjing, East China's Jiangsu province, ends on Tuesday. It has attracted more than 700 entrepreneurs from the mainland and Taiwan.

The summit, first held in 2008, has become an important communication bridge for companies from the mainland and Taiwan. In 2013, the two sides each set up councils dedicated to the event.

According to Yu, in the 30 years since the mainland and Taiwan resumed communication, economic cooperation between the two sides has increased more than 120 times. The mainland has become Taiwan's largest export market and investment destination outside the island.

Ding Lei, CEO of 163.com, said at the summit that companies on the two sides can learn from each other to make better products for customers around the world.