WASHINGTON — US President Barack Obama said Wednesday a visit by his Chinese counterpart Hu Jintao would lay the basis for future ties, saying the two nations had an "enormous stake" in each other's success.

"With this visit we can lay the foundation for the next 30 years," Obama said as he welcomed Hu to the White House.

"We have an enormous stake in each other's success. In an interconnected world, in a global economy, nations including our own will be more prosperous and more secure when we work together," he told a ceremony.

Hu in return said that since Obama took office "our cooperation in various fields has produced fruitful results and our relations have achieved new progress."

Obama however did stray into one of the areas of contention between the two nations, that of human rights.

"History shows that societies are more harmonious, nations are more successful and the world is more just when the rights and responsibilities of all nations and all people are upheld," Obama said.