The United States welcomes the rise of a prosperous, peaceful and stable China, President Barack Obama said on Monday in Beijing.

Speaking at the 2014 Asia-Pacific Economic Cooperation (APEC) CEO Summit, Obama said U.S.-China relationship is not a "zero-sum game" and benefits both countries and the world.

As the world's two largest economies, the two countries "have special responsibilities to embrace," Obama said. "If China and the United States can work together, the world benefits."

He noted that enhancing China's integration to the world economy is in "U.S. best interest and the world's best interest."

"We want China to do well," Obama said. "We compete for business, but we also seek to cooperate on a broad range of shared challenges and shared opportunities" in fighting Ebola spread, stopping nuclear proliferation, deepening clear energy partnership, and combating climate change.

Obama also announced the two nations have agreed to implement a new visa arrangement during his visit, which will extend the student visa from one year to five years, and business and tourist visa to 10 years.

This will benefit students and business large and small, Obama said, adding China's economic development and Chinese tourists made positive contribution in creating jobs for Americans and hence promoting the country's economy.

The U.S. president also said he "very much appreciated" his Chinese counterpart Xi Jinping's effort to promote bilateral ties.

Noting his country's security and prosperity "is inextricably intertwined with Asia," Obama explained that the region is "an incredible opportunity for creating jobs and economic growth for the United States."

"Over the next five years, nearly half of all economic growth outside the United States is projected to come from right here, in Asia," he said.

Speaking of economic cooperation among APEC members, the U.S. president said that "in the 21st century, the pursuit of economic growth, job creation and trade is not a zero-sum game. One country's prosperity does not have to come at the expense of another."

"Working together, we need the growth that is balanced, growth that is strong, growth that is sustainable, and growth where prosperity is shared by everybody who is willing to working hard," the U.S. leader said.