Obama has invited Xi for State Dinner later this year, the dates of which have not been announced yet.
According to White House officials, the two leaders reviewed progress in the development of US-China relations and looked ahead to opportunities to grow bilateral relations in 2015.
"The President encouraged China to continue its move toward consumption-led growth and a market-determined exchange rate, reiterated his commitment to pursue a high-standard and comprehensive bilateral investment treaty, and called for swift work to narrow our differences on cyber issues," they said.
The bilateral investment treaty could make trade considerably easier between the world's two largest economies.
Obama expressed appreciation for China's contributions to the Ebola response and longer-term global health security in West Africa and also for President Xi's commitment to partner in reducing greenhouse gas emissions and in achieving a successful outcome at the Paris Climate Summit this December, officials said.
The two leaders reaffirmed their commitment to coordinate closely on security challenges, including by jointly encouraging Iran to seize the historic opportunity presented by P5+1 negotiations on the nuclear issue.
"Finally, President Obama noted that he looks forward to welcoming President Xi to Washington for a State Visit later this year," the official said.

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