Obama tactfully referred to trade and currency tensions and human rights disputes between the two giant economies and said Washington intended to remain a key power in the Asia-Pacific region despite China's rise.

Stressing a desire for cooperation, Obama nevertheless said China's "extraordinary development over the last two decades" brought expanding power and prosperity but also "increased responsibilities" for Beijing.

"We want to work with China to make sure that everybody is working by the same rules of the road when it comes to the world economic system," Obama said, as Xi sat by his side ahead of their Oval Office talks.

"That includes insuring that there is a balanced trading flow not only between the United States and China but around the world," Obama said.

The US leader also said that on critical issues like human rights, Washington would "continue to emphasize what we believe is the importance of realizing the aspirations and rights of all people."

Obama said Washington wanted to manage tensions with China in a "constructive way" and wanted to tackle key issues like Iran, the North Korean nuclear challenge and global economic crises together.

The meeting was part of the administration's efforts to reach out to the 58-year-old vice president, who is on course to lead the growing power for the next decade.

The United States has been pressing China on concerns including the value of its yuan currency and intellectual property rights.

Human rights is always a sensitive Sino-US issue, and there is growing concern amid China's clampdown on dissent and in Tibetan areas.

Xi earlier met at the White House with Vice President Joe Biden and Secretary of State Hillary Clinton. The Chinese leader-in-waiting will also meet business leaders and tour Iowa and California on his week-long trip.