Obama spoke to Xi and discussed the progress in bilateral relationship as he stressed his commitment to reach an investment treaty that could redefine bilateral trade ties.
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 ties 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.
Meanwhile in Beijing, state-media reported that during the phone call, Xi accepted Obama's invitation to pay a state visit to the United States in September.
Both sides agreed to make full preparations to ensure the success of the trip, state-run Xinhua news agency reported.
Obama and Xi also met in the US in June 2013 for an informal summit in California.
China-US ties have been strained recently over allegations and counter-allegations of cyber-espionage.
Last May, US authorities indicted five Chinese military officials over allegations they targeted big-name American makers of nuclear and solar technology. China has denied the allegations.
The US has been pressing China for years to allow its currency to trade at stronger values. A weak yuan makes Chinese exports cheaper for American consumers at the expense of US producers.

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