BEIJING - Chinese leaders said on Wednesday that US Treasury Secretary Timothy Geithner's China visit is significant for the stability and development of China-US economic relations and the development of bilateral relations in 2012.

Premier Wen Jiabao said in a meeting with Geithner Wednesday afternoon that he is fully aware of the significance of this visit by Geithner as a special envoy of President Barack Obama.

Wen said China and the United States should develop a relationship of mutual respect, equality and mutual benefits.

Wen said under the complicated international economic situation, China and the United States should fully take care of each other's core interests and major concerns, enhance mutual trust, and properly handle differences."This is conducive to jointly addressing the challenges, promote common interests and ensure the Sino-US relations to advance on the correct track," Wen said.

Wen said developing mutually beneficial Sino-US economic relations is important to both countries and the whole world. He called on both countries to adopt concrete measures to push for wider, closer and balanced cooperation in the fields of trade, investment, infrastructure, high technologies as well as cooperation at local levels.

Geithner said both countries have cooperated closely in coping with the international crisis, adding the US side expects to continuously enhance dialogues and exchanges, deepen mutual understanding and trust, so to seek cooperation in wider fields and effectively cope with difficulties and challenges.

In a separate meeting with Geithner Wednesday morning, Vice-President Xi Jinping said that Geithner's China visit is significant for the stability and development of China-US economic relations and the development of bilateral relations in 2012.

US Treasury Secretary Timothy Geithner (L) meets with Chinese Vice- President Xi Jinping at the Great Hall of the People in Beijing January 11, 2012. [Photo/Agencies]

Xi said he hopes to exchange views with Geithner on issues of common concern, including Sino-US ties.

"As the representatives of the leaders of both sides, you and Vice Premier Wang Qishan co-chaired the China-US Strategic and Economic Dialogue (S&ED)," Xi said, citing an example of Geithner's frequent communication and cooperation with China.

The third round of the S&ED was held in Washington from May 9 to 10 last year.

Xi expressed appreciation for Geithner's work regarding China-US macroeconomic coordination and pragmatic cooperation.

Geithner said he hopes to use his visit to explore how to work together to create a stronger economic relationship between the US and China.

"I look forward to expanding our exports to China and expanding cooperation on the great range of economic and strategic issues we face around the globe," Geithner said.

"Our top priority now is economic growth and recovery in the US and around the world," Geithner said.

Geithner arrived in Beijing on Tuesday for a two-day visit to China. He is scheduled to meet with Wen, Vice Premier Li Keqiang and Vice Premier Wang Qishan .

Geithner studied at Peking University as a member of the second group of US exchange students in 1981.