The two countries have maintained close contact and coordination in dealing with major international and regional hotspot issues and addressing global challenges, such as climate change and the international financial crisis, Hu said.

China and the United States have major influence in international affairs and shoulder important responsibilities in upholding world peace and promoting common development, Hu said.

"Under the new circumstances, the common interests of our two countries have been growing and areas of cooperation expanding," Hu said.

Hu said there is great potential for China-U.S. mutually beneficial cooperation in advancing Asia-Pacific regional cooperation and in improving global economic governance and promoting sustainable growth of the world economy.

There is also great potential in expanding cooperation in economy and trade and in strengthening cooperation in new areas like new and clean energy, infrastructure development and aviation and space, Hu said.

Great potential of cooperation also exists between the two nations in fighting terrorism and in preventing the proliferation of weapons of mass destruction and in meeting challenges like natural disasters, food security and major communicable diseases.

"There is no denying that there are some differences and sensitive issues between us," Hu said.

"Both sides should keep to the right direction in the development of our relations, increase exchanges, enhance mutual trust, seek common ground while reserving differences, properly manage differences and sensitive issues and jointly promote the long-term, sound and steady development of China-U.S. relations, " he said.