Genuine partners
Hu said China hopes the US understands and supports Beijing's stand on issues such as Taiwan and called on Washington to ensure Tibetan and Uygur activists are not allowed to engage in separatist activities on US soil.
China's development has created opportunities, not challenges, for the world, including the US, Hu continued. He said that, instead of becoming adversaries, the countries should become interdependent and genuinely cooperative partners.
Hu also called on the US to reduce restrictions on hi-tech exports to China and urged Washington to recognize China's market economy status. He also asked Washington to properly deal with trade disputes. Hu told the press the countries should be firmer in their opposition to trade protectionism.
While committing to more high-level and people-to-people exchanges, Hu said China is willing to engage in dialogue about such issues as human rights and religion on the basis of mutual respect and non-interference of each other's internal affairs.
The countries will restart dialogue on human rights next February, according to the joint statement.
Obama said the US welcomed China's efforts to play an increasingly important role on the world stage, "a role in which its growing economy is joined by growing responsibility".
While praising China for its contribution to the world economic recovery, Obama said the US hopes Beijing will be able to "rebalance its economy and spur consumption".
Obama also said relations between the countries went "far beyond a single issue In time of interconnection, I do not believe one country's success would come at the expense of another."
Chinese experts had a mixed response to the talks between Hu and Obama.
Tao Wenzhao, a US studies expert at the Chinese Academy of Social Sciences, said the "biggest flashpoint" came when Hu said both countries would establish a partnership to deal with global challenges.
"It won't work without the participation of China or the US," Tao said.
Despite the many agreements, Wang Yusheng, a researcher with the China Foundation for International Studies, said "many deep differences" remain.
"Obama said the US would not contain China, but why does Washington still prevent some hi-tech transfers to Beijing, why hasn't Washington recognized China's market economy status and why does Washington sell weapons to Taiwan?" he said.
Zhang Haizhou and Li Xiaokun contributed to the story