Chinese President Hu Jintao and US President Barack Obama met on Wednesday to discuss Sino-US ties, the financial crisis and other major issues of common concern.

"I am happy to meet President Obama, and this is my first time to hold face-to-face talks with you," Hu said at the beginning of the meeting.

"Good relations with the US is not only in the interests of the two peoples, but also beneficial to peace, stability and prosperity of the Asia-Pacific region, and the world at large," Hu said.

He said that since Obama took office, China-US ties have got to a good start. "I have been keeping close relations with Obama and the foreign ministers of both countries have exchanged visits in a short time."

The two sides have reached consensus on the orientation of China-US relations in the new era and on the establishment of "China-US Strategic and Economic Dialogues" mechanism, Hu noted.

China is willing to work with the US to make even greater progress in advancing the bilateral relations, Hu said, hoping to establish "good working relation and personal friendship" with Obama.

"The relations between the United States and China have become extremely constructive," Obama said. "Our economic relation is very strong."

"I said publicly our relations are not only important for citizens of the two countries, but also help set the stage for how the world build with a host of challenges."

"China is a great power and has a long and extraordinary history," Obama said.

"I look forward to a very productive and open conversation, not only about the whole state of the world economy during the current crisis, but also about how to work together to improve peace and security for both countries and the whole world," he said.

This is the first meeting between the two leaders since President Obama took office in January this year.

Chinese diplomats said earlier that the two leaders will discuss a wide range of topics including bilateral ties, joint actions to fight the global financial crisis and other international and regional issues of common concern.

Addressing a luncheon meeting at the Center for Strategic and International Studies (CSIS) in Washington last month, Chinese Foreign Minister Yang Jiechi said that the first meeting between President Hu and President Obama will be of great significance for bilateral relations at a new phase.

"Both sides attach great importance to this meeting and are making intensive preparations for it. I am confident that with joint efforts of the two sides, the meeting will be a great success and chart the course for the future growth of China-US relations," the minister said.

Sino-US relationship is one of the most important bilateral relations in the world in the 21st century. Amid spreading international financial crisis and various mounting global challenges, it is all the more important than ever to further deepen and develop Sino-US relations.