Chinese President Hu Jintao said in Beijing Sunday that both China and the United States have agreed to expand bilateral trade and economic cooperation, believing it serves the common interests of the two countries and peoples.

"The two sides have expressed the readiness to gradually realize trade balance through joint efforts," Hu told the press after his talks with visiting US President George W. Bush.

The Chinese president called for consultations to properly handle the friction and problems emerging in the rapid development of bilateral trade and economic cooperation, saying China and the United States will stick to the principle of mutual benefit and common development and continue to expand the sphere of cooperation for mutual benefit and a win-win situation.

"I've told President Bush that the Chinese side will intensify the efforts to protect intellectual property rights and crack down on infringement. We are ready to strengthen cooperation with the United States in this regard," Hu said.

China will "unswervingly" boost the reform of the exchange rate formation mechanism in the principle of benefiting both China and the world at large, he said.

China and the United States have also agreed to increase cooperation in fighting terrorism on the basis of mutual benefit, and have signed a memorandum of understanding on a mega-port plan.

The two countries also agreed to expand exchanges and cooperation in culture, education, science and technology, as well as among the youths, said Hu.

Source: Xinhua