Chinese President Hu Jintao held a telephone conversation with his U.S. counterpart Barack Obama on bilateral ties Friday, with both sides expressing the willingness to further the ties.

The Chinese president said China is ready to strengthen dialogue, promote mutual trust and expand cooperation with the United States in a bid to confront various global challenges together and push forward a stable development of the Sino-U.S. relationship.

President Hu said the core interest of either country should be respected by each other and taken into consideration.

As the contagious financial crisis is still producing severe influence to national economies and people's lives, the international community should strengthen coordination and promote closer cooperation to stand up to the challenge, President Hu said.

Describing the Sino-U.S. ties as the most important bilateral relations for both sides, Obama said enhancing bilateral constructive dialogue and cooperation is in the interest of not only the two countries themselves, but the world at large.

The U.S. side is expecting closer cooperation with China on major international and regional issues, he said, adding that the U.S. government is willing to join hands with China to develop a more active and constructive bilateral relationship.

President Hu Jintao said China acknowledged U.S. efforts in stabilizing the financial market and stimulating the economy, adding that China is willing to further strengthen communication and coordination with the U.S. side in macroeconomic policies, and firmly oppose trade and investment protectionism.

President Hu said China will join hands with the United States to work toward fruitful achievements in April's Group of 20 (G20) summit in London and promote healthy and stable development of the world economy and finance.

Obama said it is crucial for the United States and China, the two most important economies, to enhance cooperation.

Both sides exchanged visit invitations. The two leaders agreed to meet in the Group of 20 (G20) summit slated for April in London.