"United States welcomes the emergence of a stable, peaceful and prosperous China," Obama said here as the annual US-China Strategic and Economic Dialogue (S&ED) began in Beijing. (Agencies)
"We are committed to the shared goal of developing over time a 'new model' of relations with China defined by increased practical cooperation and constructive management of differences," he said in a statement.
Obama acknowledged that US and China will not always see eye-to-eye on every issue.
"It also is why we need to build our relationship around common challenges, mutual responsibilities and shared interests, even while we candidly address our differences," he said.
Obama said this year marks a special milestone in the relationship between Washington and Beijing as it is the 35th anniversary of the establishment of diplomatic ties between the two nations.
"Today, instead of living detached from each other as we did 35 years ago, United States and China embrace the benefits of strengthening ties and acknowledge the growing interdependence of our economic destinies," Obama said.
"This anniversary provides an opportunity to take stock of the deepening exchanges between our two peoples, the range of cooperation between our two countries on shared security and economic challenges and dealing forthrightly with our differences," he added.
Obama further said it is an opportunity for United States and China to reaffirm their commitment to working jointly to build a positive, more secure and prosperous future for their citizens.
As the premier mechanism for dialogue between United States and China, the Strategic and Economic Dialogue offers a chance annually to exchange views on a diverse range of bilateral, regional, and global challenges critical to both the countries, he noted.
"Building on the accomplishments of the previous five rounds of the S&ED, this year's dialogue promises to further advance our cooperative efforts to identify solutions to problems that no country can address on its own," Obama said.
"Our efforts to promote economic prosperity, cooperation in Asia, energy security and security in cyberspace, including at the G-20, APEC and the Nuclear Security Summit, have a significant and positive impact for our citizens and for the broader international community," he added.
"United States welcomes the emergence of a stable, peaceful and prosperous China," Obama said here as the annual US-China Strategic and Economic Dialogue (S&ED) began in Beijing.