Chinese President Hu Jintao was formally welcomed to the White House Wednesday, and he and President Barack Obama called for a new effort toward cooperation.

Obama, speaking on the White House South Lawn during a full ceremony where both the Chinese and U.S. national anthems were played, said he sees "great opportunities" for the two countries.

Hu said he wants to step-up relations between the two countries. He said the world benefits when U.S. and China work together.

The two presidents will now enter a meeting in the White House Oval Office, where they will square off on an array of hotly debated issues from human rights and national security to currency rates and trade imbalances.

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