London -- In the first meeting between Chinese President Hu Jintao and US President Barack Obama prior to the Group of 20 summit in London, the two leaders pledged that both countries will be working together to help the world resist the financial crisis.

China and the US have agreed to prioritize the two countries' relations by establishing the new strategic economic dialogue.

The two teams will be headed by Vice Premier Wang Qishan and State Councilor Dai Bingguo from the Chinese side and Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner from the US side.

President Hu Jintao and US President Barack Obama made the announcement to the press before they went into the official meeting, their first, at Winfield House, residence of the US ambassador to the UK.

Although it is their first meeting, they have kept a close contact, which Obama said will "set the stage" for both countries "to tackle the challenges in the years to come."

Both presidents highlighted the importance of China-US relations, especially during the current economic crisis.

Obama said he hoped their meeting will be constructive and open not only about the whole state of the world economy during the current crisis, but to the efforts to improve peace and security for both countries and the world.

Hu said all the positive results the two countries have achieved have not come easily, adding that he hoped to develop good working relationship and personal friendship with Obama.

Sino-US relations are of fundamental interests not only to both countries, but to peace, stability and prosperity to Asia and the world.