During the G20 meeting in London Wednesday, President Barack Obama and Chinese President Hu Jintao met to have an extensive exchange of views on US-China relations and global issues of common interest.

According to a statement released Wednesday, Obama and Jintao agreed to work together to build a positive, cooperative, and comprehensive US-China relationship and to maintain and strengthen exchanges at all levels.

Jintao invited Obama to visit China in the second half of this year, and Obama accepted the offer.

Further, the two decided to establish the US-China Strategic and Economic Dialogue.Secretary of State Hillary Clinton and Chinese State Councilor Dai Bingguo will chair the Strategic Track of this dialogue, while Treasury Secretary Timothy Geithner and Chinese Vice Premier Wang Qishan will chair the Economic Track of the dialogue.

The first round of the dialogue will be held in Washington, DC over the summer.

Obama and Jintao also agreed to further deepen mutually beneficial cooperation in a wide range of areas, including economy and trade, counterterrorism, law enforcement, science and technology, education, culture and health.

They further agreed that both sides share a commitment to military-to-military relations and will work for their continued improvement and development.

To that end, Admiral Gary Roughead, US Chief of Naval Operations, will visit China upon invitation in April to attend events marking the 60th anniversary of the founding of the Navy of the Chinese People's Liberation Army.

In addressing the global economy, the two leaders pledged that, as two major economies, the US and China will work together, as well as with other countries, to help the world economy return to strong growth and to strengthen the international financial system so a crisis of this magnitude never happens again.

Obama and Jintao both welcomed the fiscal stimulus measures taken by the other, and agreed that these measures were already playing a stabilizing role for the global economy.

They also agreed that strong financial systems were essential for restoring growth, and they welcomed the commitment of both countries to address issues in this area.

Both leaders agreed the international financial institutions should have more resources to help emerging market and developing nations withstand the shortfall in capital, and the two countries will take actions toward this goal.

Finally, Obama and Jintao concluded that continued close cooperation between the United States and China was critical at this time to maintain the health of the world economy and would remain so in the future.

They both recognized that as major economies, the United States and China have a need to work together, as well as with other countries, to promote the smooth functioning of the international financial system and the steady growth of the world economy.

To that end, the two sides will exchange views and intensify coordination and cooperation on global economic and financial issues, climate change and energy, and other important issues through the Strategic and Economic Dialogue that the two countries have decided to establish.

For comments and feedback: contact editorial@rttnews.com