Chinese Communist Party Chairman Hua Kuo-feng has said publicly for the first time that Peking has common interests with the United States in some world hot spots, signalling hope for improved Sino-American relations.

In a portion of his lengthy government work report released last night, Hua noted that fundamental differences between Washington and Peking then added, "Yet the two countries have quite a few points in common on some issues in the present international situation."

Other released portions of Hua's speech also revealed new domestic policies, including a plan to eliminate rule by committee in factories, schools and villages in favor of more efficient one-man administration.

In Hua's last major foreign policy statement in August, delivered just before Secretary of State Cyrus Vance arrived in Peking, the Chinese leader discussed terms for normalization of relations with Washington but mentioned no common international interests.

Vance and his aides tried to emphasize in Peking, and in conversations with the Chinese since, that the two countries could help each other against their common adversary, the Soviet Union. The Americans have argued that although the sticky problem of Taiwan remains, Sino-American relations can still improve through cooperation in areas both see as threatened by the Soviets such as Africa, Europe and the Indian Ocean.

Hua's Feb. 26 Speech to the fifth National People's Congress, which the New China News Agency has begun to release in sections, reiterated China's demands on Taiwan. Hua said in the 3 1/2-hour repore that the United States would have to cut all official ties with Peking could be restored. This is the unswerving stand of the Chinese government," he said.

The language appeared almost identical to what Hua had said before. But U.S. diplomats might find some hope in both his acknowledgement of common interests elsewhere in the world and the great outpouring of official praise this week for a principal Chinese sponsor of ties with the United States, the Premier Chou En-lai.

Celebration of the 80th anniversary of Chou's birth seemed to exceed even the tributes paid to the late Chairman Mao Tse-tung at his last birth anniversary. A lengthy review of Chou's career in the official People's Daily Saturday mentioned that the "played a direct part in breaking the deadlock in Sino-American relations."

The U.S. liaison office chief in Peking. Leonard Woodcock, referred to those relations in an interview published here yesterday, saying China and the United States have "reduced whatever distrust existed and it is very clear that both governments want normalization."

Woodcock, interviewed by the American Chamber of Commerce magazine here, added: "I couldn't guess when normalization will take place."

Both governments have publicly criticized the Soviet Unlon and Cuba for their involvement in the fighting in the Horn of Africa. The two governments also essentially supported the same nationalist movement in Angola which lost a 1975-76 civil war aganist a Moscow-backed movement now in power.

Like the United States, the Chinese have been firm supports of Egytian President Anwar Sadat in his ejections of Soviet advisers and have even provided Sadat with spare parts for some of his Soviet-made aircraft. Both countries have also made statements warning of a threat to European defenses from a growing Soviet conventional might, but the Chinese have probably been far more outspoken about this than the Americans.

They have repeatedly reminded Europeans of what happened after attempts were made to appease the Germans at Munich in 1939.

As usual, Hua reserved his strongest rebukes for the Soviets. He said they still adhered to a "policy of hostility" toward China. "But their slanders have all been exploded in the face of hard facts," Hua said. "Let these pygmies go on ranting and raving. The great Chinese people will continue to forge valiantly ahead."

The People's Congress, China's parliament, elected Hua premier Sunday, giving him unprecedented responsibility for government, party and army affairs. His speech covered the range of domestic and foreign issues, and heralded one major change in Mao's political system by announcing the abolition of revolutionary committees in some organizations.

The committees were an experiment begun in the Cultural Revolution of the late 1960s to allow peasants, workers, youths and others representation on top government bodies once controlled by one or two party administrators. Foreigners have complained of Chinese stopping construction projects at midday because some member of a local committee objected to the way things were being done.

Hua acknowledged that some committees "were paralyzed" by interference from political radicals. He said from now no "factory directors, production brigade leaders, school principals, college presidents and managers" would take charge with oversight by local paarty committees.

Hua also said that:

He wanted a "big increase in foreign trade."

Food production, which has been stagnant lately, would have to increase 4 to 5 percent annually for the next several years.

Light industry would be required to "turn out an abundance of firstrate, attractive and reasonably priced goods" for eager Chinese consumers.

Hundreds of thousands of Chinese crowded into the center of Peking yesterday, according to news service reports from the capital, to celebrate the parliamentarysession that ended on Sunday.