"It has become more important than ever for China and the United States to work with each other as the international situation continues to undergo profound and complex changes," Xinhua quoted Xi as saying during the meeting.
China stands ready to build a new model of major-country relations with the US based on non-confrontation, non-conflict, mutual respect and win-win cooperation to ensure bilateral ties move forward on a sustainable track, he said, adding strategic trust constitutes a cornerstone for the "tower" of the new model.
The Chinese president said his countrymen are striving for the dream of national rejuvenation, which demands a peaceful and stable international environment.
"China and the United States should increase dialogue, enhance mutual understanding, and respect and take care of each other's core interests and major concerns to appropriately address disputes and reduce friction."
Xi urged for speeding up negotiations for a bilateral investment treaty, cement military-to-military ties, strengthening communication and coordination on climate change, fighting against terrorism, and regional and global flash points.
President Obama is expected to visit China and the Asia-Pacific Economic Cooperation (APEC) summit in November.
Rice said the US president firmly believes that the U.S.-China relationship is one of the most consequential relationships in the world and "that there is virtually no problem of global significance that cannot be better resolved when the United States and China are working together at the same table".
She said the US looks forward to candid dialogue with China to enhance mutual understanding, and managing differences to avoid impeding cooperation.
Rice said she believes Obama's visit will further deepen the constructive partnership with China and benefit the people of the whole world, as well as of the two countries.