UNITED NATIONS, March 15 -- China on Saturday made a three-point proposal on seeking a political solution to the ongoing Ukraine crisis, stressing that the key to resolving the crisis is to settle differences through dialogue and negotiations.

"China holds an objective and fair position on the Ukraine issue," Liu Jieyi, China's permanent representative to the United Nations, told the Security Council after it failed to adopt a draft resolution on Ukraine.

Russia, one of the five permanent Security Council members, voted against the draft resolution drawn up by the United States and backed by Western countries. China, also a permanent Security Council member, abstained.

Liu said China will continue to mediate and promote dialogue so as to play a constructive role in bringing about a political solution to the crisis in Ukraine.

"To that end, we would like to propose three recommendations," he said. "First, to establish as soon as possible an international coordinating mechanism consisting of all the parities concerned to explore means to a political settlement of the Ukrainian crisis."

Secondly, Liu said, all parties in the meanwhile should refrain from taking any action that may further escalate the situation.

"Thirdly, international financial institutions should start to explore how to help maintain economic and financial stability in Ukraine," he added.

The Chinese ambassador said his country has been calling for constructive efforts and good offices of the international community to de-escalate the situation in Ukraine, and has noticed in this respect some new developments and new proposals.

"The vote on the draft resolution by the Security Council at this juncture will only result in confrontation and further complicate the situation, which is not in conformity with the common interest of both the people of Ukraine and those of the international community," said Liu.

"Based on the above we can only abstain from voting on this draft resolution," he said.

The envoy also reiterated that China always respects the sovereignty and territorial integrity of all states, which is the long-standing fundamental foreign policy of China.

At the same time, Liu said "external interference" is also an important reason leading to violent clashes on the streets of Ukraine and resulting in crisis in the country.

He stressed that the key to resolving the Ukraine crisis is to act within the framework of law and order, seeking an early solution of the differences through dialogue and negotiation with due respects to the legitimate rights and interests of all the people in various communities and areas.

"In the fundamental interests of all ethnic groups in Ukraine and the overall interests of regional peace and stability, all parties concerned should exercise calm and restraint, prevent further escalation of the tension, and stay on the track of resolving the crisis through political means so as to find a specific way out," Liu said.