China's economic power may soon rival that of the US
China and the US have agreed to step up economic co-operation to address the ongoing global financial crisis.
US President Barack Obama and Chinese President Hu Jintao met in London ahead of the G20 economic summit.
They said they were committed to resisting protectionism and ensuring stable US-China trade relations.
Mr Hu stressed a commitment to expanding domestic demand to fuel economic growth while Mr Obama accepted an invitation to visit China this year.
"The Presidents agreed on the need for sweeping changes in the governance structure of international financial institutions," said a White House statement.
During the meeting, the two leaders agreed to establish a Strategic and Economic Dialogue group to tackle the global financial crisis and strengthen the worlds's financial systems.
The White House said Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner would represent the US at those talks.
The two presidents also agreed to cooperate on nuclear issues concerning North Korea and Iran, adding that they would resume discussions about human rights "as soon as possible".