Chinese President Hu Jintao and U.S. president-elect Barack Obama Saturday discussed in a telephone conversation relations between China and the United States and major international issues of common concern, including the ongoing global financial crisis.

In the telephone conversation, Hu expressed appreciation to Obama for emphasizing in his election campaign speeches the great importance of China-U.S. relations, and for advocating the strengthening of China-U.S. cooperation in jointly responding to global challenges and in sharing global development opportunities.

Hu pointed out that since the establishment of diplomatic relations between the two countries 30 years ago, bilateral relations have generally kept developing despite setbacks, scoring hard-earned achievements and bringing about tangible interests to both nations.

As the largest developing nation and the largest developed nation, China and the United States share extensive common interests on issues related to world peace and development, and both assume important responsibility in this regard, Hu said.

In the new historical period of time, China is willing to maintain high-level exchange with the United States and also contacts at all levels, continue strategic dialogue with the United States, increase exchange and cooperation between the two countries in all fields, and strengthen the exchange of opinion and coordination with the United States on major international and regional issues, the Chinese president noted.

China and the United States should respect each other and accommodate each other's concerns, and appropriately settle sensitive issues between the two countries, particularly the Taiwan issue, in order to promote the China-U.S. relations of constructive cooperation to a higher level, he said.

Speaking on the same occasion, Obama said that China is a great nation and that China's development and success meet U.S. interests.

On today's international arena, U.S.-China relations are relations of vital importance. The development of U.S.-China relations is not only in the interest of both nations, but also benefits the world, Obama said.

Saying that U.S.-China relations face many development opportunities, Obama expressed the hope that the United States and China will strengthen cooperation, and promote greater development of bilateral relations, to bring benefits to both nations.

The United States hopes to strengthen consultation and coordination with China on security, climate change and regional hotspot issues, to promote settlement of the relevant issues.

Hu pointed out that the current global financial crisis has seriously impacted economic development and people's livelihood in all countries around the world. The international community should increase confidence, strengthen coordination and have close cooperation, in effectively dealing with this global challenge.

A world economic summit will be held in Washington on Nov. 15, and China attaches great importance to it. China is willing to discuss with other participants in the summit how to adopt powerful measures to reestablish market confidence as early as possible, how to prevent the global financial crisis from proliferation and spreading, and how to diminish its impact on real economies, in a bid to avert a possible global economic recession, Hu said.

The global financial crisis has led to the exposure of many deep-hidden drawbacks of the global financial system.

The international community should earnestly sum up the lessons from the global financial crisis and launch necessary reforms of the global financial system, on the basis of sufficient consultation among all interested parties, Hu said.

In particular, efforts should be made to explore in an in-depth way solution of such major questions as how to strengthen international financial supervision and regulation, how to improve the system of international financial organizations and how to improve the international monetary system, the Chinese president said.

Obama said that settlement of the global financial crisis requires close cooperation by governments of all countries, expressing the hope that the United States and China will strengthen cooperation at the world economic summit planned for November 15 in Washington.

(Xinhua News Agency November 9, 2008)