U.S. President Barack Obama said on Wednesday that cooperation between the United States and China is good for both countries and the world.

"I absolutely believe that China's peaceful rise is good for the world and it's good for America," Obama told a joint press conference after talks with Chinese President Hu Jintao at the White House.

The U.S. president said the development of China has brought unprecedented economic growth to more people and more quickly than any time in history.

"We also think that China's rise offers enormous economic opportunity," he said.

Obama praised China's efforts to expand the country's domestic demand, that offers opportunities for U.S. businesses and ultimately translates into U.S. jobs.

Hu unfurled his first state visit to the United States Tuesday since Obama took office in 2009.