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President Barack Obama said the relationship between the United States and China is "cooperative and constructive" and that it is important the two nations set "clear rules of the road" for trade and investment.
Obama and China's outgoing premier Wen Jiabao held a meeting at a summit of Asian countries taking place in Cambodia.
Despite tensions between the two economic powerhouses, President Hu Jintao said he and Obama share the view that the US-China relationship is one of the most important in the world.
Hillary Clinton, who is on her last presidential trip before she steps down as Secretary for State, told reporters the Asia tour had been "bittersweet".
She said: “It’s been great. It’s been bittersweet, nostalgic, all the things you would expect.”
President Obama put his arm around Burma's opposition leader Aung San Suu Kyi on the latest stop in his tour of South East Asia.
He also met the country's president Thein Sein - the man who has begun gradually embracing reform.
Speaking at the home where Ms. Suu Kyi spent years under house arrest, Mr Obama said something was happening in the country that could not be reversed.
ITV News' International Editor Bill Neely reports:
President Obama has arrived in Cambodia after visiting Burma. He is the first incumbent US President to visit the south-east Asian nation.
During a speech at the University of Yangon, President Obama told the people of Burma: "You gave us hope, and we bore witness to your courage."
Launching a landmark visit to Myanmar, President Obama met with President Thein Sein and praised the nation's "process of reform".
President Obama has told the people of Burma: "You gave us hope, and we bore witness to your courage."
Barack Obama has arrived in Burma - the first time a US President has visited the country.
Latest ITV News reports
US President Barack Obama has spent the day in Thailand at the start of a three-day tour of Southeast Asia.
Barack Obama is touring Southeast Asia to showcase foreign policy achievement and reinforce the U.S. role as a counterweight to China.