U.S. President Barack Obama Wednesday night hosted a state dinner at the White House in honor of Chinese President Hu Jintao, who is currently on a four-day state visit to the United States.

Chinese President Hu Jintao(C) attends a welcome banquet hosted by U.S. President Barack Obama(R) at the White House in Washington, the United States, Jan. 19, 2011. [Huang Jingwen/Xinhua]

Addressing the welcoming dinner, President Hu said that he and Obama agreed to build a China-U.S. cooperative partnership based on mutual respect and mutual benefit.

"Under the current circumstances, our two countries share broader common interests, shoulder higher common responsibilities, and face more severe common challenges than at any time in history," Hu said.

"As a result, it is more important than ever for us to maintain the long-term, sound and steady growth of our bilateral relations. This is the reality we face and it should be recognized by both sides."

The Chinese leader said the two countries should pursue their bilateral ties with a stronger conviction, a broader vision and a more proactive approach.

"We need to take solid steps and make pioneering efforts to fully tap the potential of cooperation and strive for new progress in China-U.S. relations," he said.

"I am confident that with joint efforts, China-U.S. cooperative partnership will yield bountiful fruits for the greater benefit of our people, and make new and bigger contribution to the noble cause of world peace and development," Hu said.

Obama said in his toast that the United States and China should treat each other with "fair respect." He said throughout history, the people of the two countries have worked together for mutual benefits.

"Chinese and American people have worked together and created new opportunities together every single day," Obama said.

He said the governments of the two countries have as well shown the potential of working together for mutual benefits.

To the applause of the American and Chinese audience, Obama announced that the two governments have newly agreed to extend Chinese pandas' stay in the U.S. national zoo.

Obama cited a Chinese proverb to describe the importance of deepening friendship and cooperation between the two peoples. "If you want 100 years of prosperity, then you grow people," he said.

Obama expressed the wish that the people of the two countries grow together in friendship, prosper in peace and realize their dream of the future for themselves, for their children and for their grandchildren.

President Hu, who started his visit Tuesday, had formal talks with Obama Wednesday morning, which covered a wide range of bilateral and international issues.

President Hu will also meet some members of the U.S. Congress Thursday morning. The Chinese leader will then leave for Chicago to continue his four-day state visit.

"We have good reason to believe that with the efforts of both sides, President Hu's state visit will forcefully move forward the positive, cooperative and comprehensive China-U.S. relationship in the new era," said Chinese Foreign Minister Yang Jiechi at the luncheon hosted by the Council on Foreign Relations in New York on Jan. 6.

President Hu's last visit to the United States was in April 2006.