Xi Jinping meets US Treasury Secretary

China's new President, Xi Jinping, met visiting U.S. Treasury Secretary, Jacob Lew, on Tuesday in Beijing.

Xi says China is ready to work with America to boost Sino-U.S. economic ties.

The President hailed fruitful outcomes of bilateral relations in the past 30 years...

And said as long as both sides treat bilateral ties from a long-term perspective, the relationship will bring more benefits to their people.

Lew congratulated Xi on becoming China's President...

And called on both countries to enhance their economic cooperation, as well as manage their differences.

The U.S. Treasury Secretary also said as the world's two biggest economies, the U.S. and China have special responsibilities in maintaining strong, sustainable and balanced growth throughout the world.

Jack Lew is beginning a two-day visit to Beijing for his first trip abroad, since taking office late February.

He is also the first major foreign visitor that Beijing receives after China completed a once-in-a-decade leadership transition last week.

Analysts say the extraordinary timing of the visit underscores the importance both China and the U.S. have put on their economic ties.

And the leadership change in both countries opens a window of opportunity for both sides to adjust their economic policies, nurture closer ties.

After a sweeping global financial crisis, the U.S. is facing one fiscal crisis after another.

International investors hope U.S. lawmakers can strike a timely deal in Congress to avert the potentially devastating default on U.S. government debt.

The stakes are high.

'China is the largest overseas holder of the U.S. government debt, and the U.S. second largest trade partner.

America is expected to fix its budget problems in time and prevent the U.S. and the world economy from plunging into another catastrophic recession.

Meanwhile, China and the U.S. also share broad interests in business and trade.

Analysts expect China can expand market access for U.S. companies in China.

And many Chinese businesses are waiting for reciprocal hospitality from the U.S.

Currency disputes have also overshadowed bilateral trade... With opponents of U.S. President barack Obama accusing China of being a currency manipulator, to keep its exports cheap.

But things are leveling.

The U.S. Treasury recently acknowledged the Chinese yuan rose 16 percent against the dollar, since 2010... And more than 30 percent since 2005, after China embarked upon key currency reforms.

Now, the two global super-powers, are looking towards their future - one that is becoming increasingly entwined.