US welcomes peaceful, prosperous China: Obama

President Barack Obama said Monday the American economy was primed for "steadier, more sustained growth," and he called for deeper economic ties with China.

Speaking in Beijing at the annual meeting of the Asia-Pacific Economic Cooperation summit, Obama said the world had seen its "fair share" of turmoil this year.

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But looking ahead, Obama called for deeper economic ties between the U.S. and Asia, and China in particular.

"Our future security is inextricably entwined with Asia," Obama said, referring to Chinese President Xi Jinping as a "partner."

He said the U.S. welcomed the rise of a peaceful, prosperous China, adding: "We want China to do well."

The trade relationship between the world's two largest economies benefited both countries, he added, but argued "we can do more" to reduce barriers to trade.

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The American president also said he wanted to make progress with his Chinese counterpart on the bilateral investment treaty, which has been in the works for some time.

Obama said the pair had agreed on a deal on short-term visas to improve trade and business ties between the countries. Business and tourist visas would be extended from one year to 10, and student visas would be extended to five years.

The APEC summit kicks off this week, with a number of world leaders and top businessmen due to attend. The theme is: "Shaping the Future through Asia-Pacific Partnership." APEC consists of 21 economies, including the U.S., China, Japan and Russia, which account for 40 percent of the world's population and 44 percent of global trade.

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