Obama, Hu exchange toasts at state dinner

WASHINGTON, Jan. 19 (UPI) -- U.S. President Barack Obama and Chinese President Hu Jintao exchanged wishes for mutual prosperity during toasts Wednesday at a state dinner in Washington.

Obama said the White House event paid "tribute to the bonds between two great nations and two proud peoples."

"President Hu, we have met today in a spirit of mutual respect: the United States -- the oldest democracy in the world, and China -- one of the oldest civilizations in the world," Obama said. "And while it's easy to focus on our differences of culture and perspective, let us never forget the values that our people share: A reverence for family; the belief that, with education and hard work and with sacrifice, the future is what we make it; and most of all, the desire to give our children a better life."

Obama's toast called for the United States and China to "grow together in friendship" and "prosper together in peace."

Hu thanked Obama and first lady Michelle Obama for "the gracious hospitality of the U.S. government and people."

"In recent years, particularly over the past two years since President Obama took office, China-U.S. relations have made strong headway, thanks to the joint efforts of both sides," he said.

The Chinese leader said he and Obama reached "important agreement" during their meetings Wednesday.

"We agreed that our two countries should increase contacts at the top and other levels, strengthen strategic mutual trust through dialogue and communication, intensify exchanges and cooperation in all fields, and step up communication and coordination on international and regional issues," he said.

"Today both China and the United States are confronted with the arduous task of sustaining steady economic growth and achieving economic transformation. And we both need to tackle the various challenges brought by economic globalization," Hu said.

"I am confident that with joint efforts, a China-U.S. cooperative partnership will yield bountiful fruits for the greater benefit of our people, and make new and bigger contribution to the noble cause of world peace and development."