The Sunnylands estate just outside Palm Springs, California, is the venue of the summit. Xinhua

Both sides agreed to expand all levels of dialogues and communications and keep increasing mutual understanding and trust, Xi said. "I look forward to maintaining close exchanges with Obama through mutual visits, bilateral meetings, exchanges of phone calls and letters."

"I invite Obama to come to China at a proper time for a similar meeting like this and we will make an exchange visit as early as possible," Xi said.

The two sides will closely cooperate to ensure positive outcomes at a new round of the strategic and economic dialogue, people-to-people exchanges and high-level consultations between China and the United States, the Chinese president said.

The Chinese ministers for National Defense and Foreign Affairs will also visit the United States at invitations.

Obama said he wanted to reiterate that the US welcomes the continuing peaceful rise of China as a world power.

"Our decision to meet so early signifies the importance of the US-China relationship," he said.

"It is in the US' interest that China continues on the path of success" and that the two countries work together, he said, before adding: "Inevitably, there are areas of tension between our countries."

Ma Zhengang, deputy president of the China Public Diplomacy Association and former Chinese ambassador to Britain, said it is encouraging to see both sides strengthen their consensus of building a new type of power relationship.

"Neither China nor the US wants confrontation," Ma said. "It's especially notable that they pledged to improve military ties, the most sensitive issue that have occasionally strained relations."

Douglas Paal, vice-president for studies at the Carnegie Endowment for International Peace, described the summit as the first for more than 40 years in which the leaders of two very different powers have sat down for a "blue sky" discussion.

"History has proved the importance of that dialogue for the principles and concepts governing Chinese and American cooperation and competition," he said.

Yang Jiemian, president of the Shanghai Institute for International Studies, said communication is very important. "If we cannot understand each other, it can cause problems," he said.

Zhao Shengnan, Zhang Chunyan, Du Juan and Xinhua contributed to this story.