Chinese President Xi Jinping (R) holds a welcoming ceremony for U.S. President Barack Obama at the Great Hall of the People in Beijing, capital of China, Nov. 12, 2014. [Xinhua]

Chinese President Xi Jinping on Wednesday hold talks with his U.S. counterpart 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 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 on Wednesday morning.

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 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 marks the 35th anniversary of the establishment of China-U.S. 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.