Chinese President Xi Jinping held talks with US President Barack Obama, underscoring commitment to building a new type of major-country relations between the world’s two largest economies.

‘China would like to work with the United States to implement the principle of no conflict, no confrontation, mutual respect, cooperation and common prosperity and make new type of major-country relations between the two countries to produce more benefits to people in the two countries and the world,” Xi said. “I will make joint efforts with President Obama.”

Their talks took place at the Great Hall of the People in downtown Beijing, following a red-carpet ceremony to welcome Obama Wednesday morning, Xinhua reported.

Obama arrived in Beijing Monday to attend the 22nd Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting and pay a state visit to China at Xi’s invitation.

Obama congratulated Xi and the people of China for “hosting a successful APEC summit” and expressed his gratitude for Xi’s “outstanding hospitality in the state visit”.

Saying this year marked the 35th anniversary of the establishment of China-US relations, Xi said bilateral relations now stand at a new starting point.

“Facing the current complicated and changing international situation, China and the United States should and will be able to cooperate in more areas,” Xi said.

Obama said the trade ties and people-to-people exchanges between the two countries have surged over the past 35 years.

“We have shown that when we cooperate, United States and China can make important contributions to security and prosperity in the region and around the world,” Obama said.

Xi reviewed his meeting with Obama at the Annenberg Retreat at Sunnylands in Rancho Mirage, California, in June 2013, where they reached a consensus on building a new type of China-US relations.

The two countries have since then made “positive progress” in bilateral coordination and cooperation in various areas, Xi said, citing the facts that, last year, bilateral trade volume soared to $520 billion, outstanding amount of two-way investment stood at $100 billion and more than four million trips were made between the two nations.

China and the US worked together in tackling climate change, combating the Ebola epidemic and fighting terrorism, Xi said.

Facts have proved a new type of major-country relations between China and the US served the fundamental interests of the two peoples and helps maintain peace, stability and prosperity in Asia and Pacific and the world, Xi said.

Obama said Tuesday evening and Wednesday morning that he and Xi discussed “our priorities and our vision for the US-China relationship.”

“I believe our two nations have enormous stake in each other’s success,” Obama said, adding the US welcomed a peaceful, prosperous and stable China.

Obama said he and Xi “engage in a honest and constructive dialogue around those differences and ensure we can manage them in a peaceful and effective way.”

Obama said his discussion with Xi would help ensure bilateral relationship “continue to deliver results” for China, for the US and for the world.

On Tuesday evening, the two heads of state held a meeting at the Zhongnanhai leadership compound in downtown Beijing after the APEC meeting.