China's President Hu Jintao and U.S. President Barack Obama agreed to work together to advance the globally significant relations between their two countries during a meeting in Seoul, South Korea on November 11, 2010.

Their bilateral relations have been developing steadily. China was ready to work with the United States in jointly strengthening bilateral dialogue, mutual exchanges and cooperation, respecting each other's core interests, and pushing for the healthy and steady development of relations between China and the United States.

Obama said the United States was ready to boost cooperation with China on securing strong, sustainable and balanced growth of the world economy.

He said the U.S. also looks forward to further dialogues and talks with China to boost their bilateral relations.

"We've created a strategic and economic dialogue in which our teams have been working on a whole range of issues. And we are seeing significant progress," Obama said.

China hopes the United States will pursue positive and constructive policies on its relations with China and try to stabilize and boost their bilateral relations. The two sides should trust each other and work together to address the increasing global challenges at a time of constant change in the international and regional situation, Hu said.

The Chinese president said China has put forward proposals on boosting financial, monetary and economic and trade cooperation.

Obama said the most important objective of the U.S. international economic policy is to secure a sustainable global economic recovery.

He expressed hope that the U.S. and China will make joint efforts and push forward the structural adjustment of their respective economies.

Hu said China wants to have constructive communications with the U.S. on economic and trade issues to properly resolve their differences.

Hu recalled that China made a very hard decision to further promote reform of the Chinese yuan exchange rate formation mechanism in June this year at a time when both economic development and employment in China were facing a very complicated situation.

Hu said that China was firmly determined to push forward reform of the exchange rate formation mechanism, but that the reform would have to be carried out in a good external environment and in a gradual manner.

The U.S. should take concrete measures to relax restrictions on high-tech exports to China, Hu said, and provide a fair environment for competition for Chinese enterprises investing in the United States.

The U.S. also should work together with China to push forward the steady and healthy development of the economic and trade ties, he said.

Hu also expressed China's concern for the policy of quantitive easing the United States is now pursuing, saying that the U.S. should take the interests of emerging and developing countries into consideration when formulating such policies.

Hu said the two sides should send the message to people in both countries and the international community that China and the U.S. are committed to boosting their bilateral friendship and cooperation and their role as constructive, responsible powers in the world.

The latest Hu-Obama meeting was their third in eight months.