The presidents of China and the United States yesterday agreed to work together for peace and stability on the Korean Peninsula.

They also agreed to make joint efforts to find a peaceful resolution to the Iranian nuclear standoff.

The two leaders said they would look at and deal with Sino-US relations in a strategic and long-term manner, expanding benefits for both nations.

The consensus was reached when President Hu Jintao and his US counterpart George W. Bush met on the sidelines of the ongoing Group of Eight (G8) Summit in St. Petersburg, former capital of Russia.

"President Bush and I agreed in the talks that the two nations will commit to promoting the Six-Party Talks aimed at denuclearizing the Korean Peninsula through political dialogue," Hu told reporters at a joint briefing with Bush after their 30-minute closed-door meeting.

"We also reached a consensus on joint efforts to promote the peaceful resolution of the Iranian nuclear issue," said Hu.

At the invitation of Russian President Vladimir Putin, Hu arrived in St. Petersburg yesterday for the outreach session of the annual summit of the world's leading economic powers, which involves the US, Japan, Germany, Britain, France, Italy, Canada and Russia.

Hu and Bush's summit is the second time the two have met in three months. Their previous meeting was in April, when Hu visited the US.

"Given the complicated and volatile international situation, it is of crucial importance for China and the US to have consultations and co-ordination on major international issues.

"It is in the interest of both sides, as well as for the peace and stability of the world at large," said Hu.

Saying he had had a "very good dialogue" with Hu, Bush said he welcomed the resolution on the Democratic People's Republic of Korea's (DPRK) missile tests, which was unanimously approved by the UN Security Council on Saturday.

However the resolution, which calls for the resumption of the stalled Six-Party Talks, was immediately rejected by the DPRK, which said its army "will go on with missile launch exercises as part of its efforts to bolster deterrents for self-defence in the future."

The two leaders also talked about the current Middle East conflict, as well as bilateral economic relations.

Their discussions were the continuation of the dialogue that began in Washington, said Bush.

Describing the talks as "friendly and candid," Hu said he is "satisfied" with the discussions.

"We both believe the two nations should respect and consider each other's concerns and handle sensitive issues in bilateral relations properly," he said.

The two leaders are also expected to attend an outreach session of the G8 summit slated for today, when the eight heads of the industrialized countries and other invited leaders from developing nations such as South Africa, Brazil, Mexico and India will hold discussions on global energy security, prevention and control of infectious diseases, education, Africa's development and other topics.

At the G8's annual summits economic themes are supposed to prevail, but are often overshadowed by global politics. At this year's session the DPRK's recent missile tests and the nuclear crisis in Iran are expected to be inevitable topics.

Besides Bush, Hu also met with presidents of South Africa and the Republic of the Congo yesterday, exchanging views on bilateral relations and major international and regional issues of common concern.

Meanwhile, Hu and leaders of other five developing countries also met to discuss ways to deepen South-South co-operation.

Hu will meet with Russian and Italian leaders today. He will also attend the first trilateral summit meeting of leaders of China, India and Russia, which will be attended by Indian Prime Minister Manmohan Singh and Putin today.

Source: China Daily