Before their talks, Xi held a red-carpet ceremony to welcome Obama, who arrived in Beijing on Monday to attend the 22nd Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting.
Last evening, the two heads of state held a meeting at the Zhongnanhai leadership compound in central Beijing after the APEC meet.
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Recalling their past meetings, Xi said he is glad to see that both sides have achieved considerable early harvest on their drive to build a new type of major-country relationship due to the joint efforts from both sides.
China and the United States have gained more understanding and are holding higher expectations over the concept of such a relationship, he said.
Xi said the two leaders should maintain regular and close communications and exchange candid and in-depth views on fundamental issues.
"Only in this way (could the two countries) comprehensively enhance mutual understanding, trust and respect and steer clear of strategic misjudgments," Xi said.
He called on both countries to expand pragmatic cooperation with a special focus on actively promoting path breaking collaborations.
Communication and coordination on international and regional affairs should also be enhanced, Xi said, in order to jointly contribute to world peace, stability and prosperity.
For his part, Obama noted that the US and China boast of the world's two largest economies and of two energetic and innovative peoples.
Strengthening cooperation between the two countries, which have seen their interests highly integrated, could benefit people in both countries and the world at large, Obama said.
He said he is willing to exchange views with President Xi on a wide range of issues in a timely manner and lift the new type of major-country relationship between China and the US to a higher level.
Before the meeting, the two heads of state had a walk at the Zhongnanhai leadership compound in central Beijing.
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