Chinese President Hu Jintao(R) meets with US President George W. Bush in Lima, capital of Peru, Nov. 21, 2008.

LIMA, Nov. 21 (Xinhua) -- Chinese President Hu Jintao and U.S. President George W. Bush held talks on bilateral ties and major global and regional issues of common concern, especially the international financial crisis, here on Friday.

Sino-U.S. relations have made significant headway thanks to concerted efforts in the last seven years, said Chinese President Hu at the meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum.

Bilateral contacts at the highest and various levels remain frequent, and the mechanism of Sino-U.S. Strategic Economic Dialogue (SED) and strategic dialogue has yielded tangible results, said Hu, who is now on a five-nation tour.

Bilateral cooperation in areas like economy and trade, combating terrorism, law enforcement, culture, education, energy and environmental protection, continues to be expanded and deepened, and both countries also maintain effective communication and coordination in major international and regional issues.

Hu praised President Bush for his active efforts to develop the Sino-U.S. relations since he took office and hoped he would continue to play an active role in promoting bilateral ties.

"Reviewing the development of the Sino-U.S. relations over the past years, the most important experience we gained is that we should proceed from a strategic and long-term perspective, take a firm hold of the main course of the Sino-U.S. constructive and cooperative relations, increase mutual trust, enhance cooperation and deal with disagreements and sensitive issues properly, in particular, the Taiwan question," the Chinese president stressed.

The Taiwan question concerns China's key interests and remains the most important and sensitive issue in the Sino-U.S. relations, Hu said, noting that the one-China principle can never be changed.

At the moment, the relationship between the United States and China is going through a pivotal period and China is willing to work with the United States to maintain its sound development, he added.

Speaking of the Group of 20 (G20) summit in Washington on Nov. 15, He said the international community should earnestlyimplement the consensus reached in the summit and take effective measures to stabilize the global financial market.

China will continue to adopt effective measures to maintain a stable and moderately fast economic growth so as to play a constructive role in helping maintain the stability of the world economy, he added.

Bush pledged to continue to help promote the development of bilateral ties.

He admitted the importance of the U.S.-China economic and trader elations, urging both sides to make joint efforts to advance the Doha round of talks and take concrete actions to prevent protectionism.

He also appreciated China's active participation in the G20 summit and lauded the constructive role that China played at the meeting.

The two leaders also exchanged views on the nuclear issue on the Korean Peninsula, the Iranian nuclear issue, and the Doha round of trade talks and agreed to keep close communication on these issues.