On the basis of that understanding, the president added, the two countries have established very extensive strategic and economic dialogues.

The two countries have been able to pursue a significant consultation on opportunities for both countries to improve their strategic and economic relationship, Obama said.

He said the United States wants to manage areas of tensions with China in a "constructive way" and "work together in the G20 to manage the world economic crisis that has such an impact not only on both our countries, but on the entire world."

"Because of the China-U.S. cooperation, I think we are able to help stabilize the situation at a difficult time," Obama said.

The United States also wants to tackle hotspot issues such as Iran's nuclear program and the nuclear issue on the Korean Peninsula together with China, Obama said.

"We expect that China will continue to take a growing role in world affairs. And we believe that it is critically important that the United States and China develop a strong working relationship to help to bring stability, order, and security that ultimately provides a better life for both the people of the United States and the people of China," he said.

Xi started his five-day official visit to the United States on Monday as a guest of U.S. Vice President Joe Biden.