The two countries need to strengthen communication and consultation, coordinate their stands within the G20 framework in particular, and push forward reforms of the international financial system, Hu said.

The two countries should also try to sign the inter-governmental agreement on cooperation in the oil sector at an early date, boost technological and military cooperation and strengthen coordination in dealing with the international financial crisis, he said.

Medvedev agreed with Hu's evaluation of bilateral relations and said Russia is looking forward to Hu's state visit to the country in June.

Hu and British Prime Minister Gordon Brown reached broad consensus on tackling the international financial crisis, promoting the reform of the world financial system and enhancing bilateral relations when they met on Wednesday.

This is the second meeting between the two leaders in less than five months.

During the meeting, Hu made a four-point proposal to address the complicated international economic situation. First, to stabilize the world financial market as soon as possible; second, to adopt economic stimulus plans in line with a country's specific conditions; third, to curb trade and investment protectionism; and fourth, to reform the world financial regime in an all-round, balanced, gradual and effective manner.

Brown said he hoped the summit would boost the confidence of the international community, help resolve the existing problems in the world economy and play a role in reviving the global economy.

The two leaders also discussed bilateral relations.

Hu said both sides should keep the overall bilateral relations in mind, and respect and handle appropriately issues that concern each other's core interests.

Also on Wednesday, Hu and his US counterpart Barack Obama agreed to work together to build a positive, cooperative and comprehensive relationship in the 21st century, at the first meeting between the two heads of state since the new US administration came into office in January.

Hu said China and the United States need to view each other from a positive perspective and push forward dialogue and cooperation with positive moves despite the differences in their social systems, historical background, cultural tradition and phases of development.