WASHINGTON -- US President Barack Obama said on Friday no other bilateral relationship carries more significance than US-China relationship, and if the US-China relation breaks down, everyone becomes worse off.

"Given the importance of the relation between the United States and China, given how much is at stake, in terms of the world economy, national security... China's increasing role in international affairs, there's probably no bilateral relationship that carries more significance," said Obama here in his final news conference of the year.

"There's also the potential if that relationship breaks down or goes into a full conflict mode that everybody's worse off," he added.

US President-elect Donald Trump early this month received a telephone call from Taiwan's Tsai Ing-wen.

After the phone call, the White House reaffirmed it's firm commitment to one-China policy on several occasions.

It is universally recognized by the international community that there is only one China in the world, and both the mainland and Taiwan belong to one China.

The Chinese Foreign Ministry has made clear that adherence to one-China policy is the prerequisite for Taiwan to conduct contacts with foreign countries or participate in international activities.