US President Barack Obama has begun a state visit to China, hot off the heels of the Asia-Pacific Economic Cooperation leaders' meeting in Beijing. He's already held talks with President Xi Jinping late on Tuesday and on Wednesday morning. The leaders of the world's two largest economies have both been keen to stress that China and the US can grow and co-exist in peace and harmony... despite some differences.

Chinese President Xi Jinping (L) holds a welcoming ceremony for U.S. President Barack Obama (R) at the Great Hall of the People in Beijing, capital of China, Nov. 12, 2014. [Xinhua/Li Xueren]?

A new model for major-country relations.

President Xi Jinping says China will work with the US under the guiding principles of "no conflict, no confrontation, mutual respect, cooperation and common prosperity. "

The Chinese President said he was confident this "new style of major-country relations" will be beneficial to people in both countries, and the world.

President Xi hailed it as a "new starting point" on the 35th anniversary of the establishment of diplomatic ties.

Barack Obama highlighted surging trade over recent decades... as well as much greater interaction between the peoples of both nations. He said the two countries can work together to improve the security and prosperity of East Asia, and the world.

China and the US have reached a number of agreements to work together on climate change, combating Ebola and fighting terrorism.

Significantly, there's a joint initiative to resume negotiations on updating WTO's IT Agreement, signed in 1997.

The two sides expressed willingness to work with other participants of the ITA to conclude negotiations as soon as possible.

If an agreement can be made, it will become the first agreement on tariff cuts of its kind since the establishment of the WTO, and would boost confidence in the WTO's function in the area of multilateral negotiations.

China and the US have also agreed to accelerate the bilateral investment treaty negotiations, and will work hard to achieve agreements on core issues and major provisions by the end of this year.

The two countries expressed in a statement to start negotiations in 2015 on a negative list, which sets boundaries on foreign investor activity.

The outward appearance of the meetings has been warm.

Both leaders will be hoping the talks have smoothed over certain differences and set a positive tone for future relations.

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