Yang is visiting US to hold discussions in preparations for Obama's November 10-12 trip to China.
During the meeting Obama underscored his commitment to strengthening cooperation on shared challenges, such as climate change, the Ebola epidemic, and countering the threat posed by terrorists, particularly IS, the White House said.
Obama affirmed that he is looking forward to his visit to China.
"The President and Ambassador Rice also noted that the United States is following developments in Hong Kong closely and expressed their hope that differences between Hong Kong authorities and protesters will be addressed peacefully," the White House said.
Rice underscored the US interest in closer coordination and cooperation between the US and China on regional and global issues, including Afghanistan, global health security, the Middle East, and the risks posed by North Korea's nuclear programme.
In discussing the preparations for President Obama's visit to Beijing, Rice emphasised that this visit is an opportunity for in-depth discussions about the future potential of the US-China relationship, the White House said.
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