Sino-Israeli ties are based on friendship and respect and are advancing along a very good trajectory, said former Israeli Deputy Foreign Minister Danny Ayalon on Tuesday.

Addressing a gala event hosted by the Chinese embassy in Tel Aviv to mark Chinese Lunar New Year, or the Spring Festival, Ayalon said China is now the third largest destination for Israeli exports and "we should take this partnership into the future and cooperate in addressing global challenges."

A host of officials, politicians and dignitaries, including Ayalon and President of Hebrew University of Jerusalem Menachem Ben Sasson, attended the celebration, at which the Chengdu Art Troupe from China's southwestern Sichuan province presented a fascinating show featuring the traditional culture of some Chinese ethnic minorities.