The two leaders met in London ahead of the G20 economic summit, shortly after Obama met with Russian President Dmitry Medvedev. Obama also accepted an invitation to visit Moscow.
The White House said Obama and Hu agreed to "intensify coordination and cooperation on global economic and financial issues." As economic leaders, the United States and China say they want to work together to address the economic crisis.
Treasury Secretary Timothy Geithner and Secretary of State Hillary Clinton will also head up a new, intensive round of talks with Chinese leaders on economic and political issues, senior Obama administration officials told FOX News.
See also from John Pomfret's blog: "Obama and Hu, a U.S.-China Luvfest" and an official transcript of a briefing by senior Obama administration officials to reporters on the bilateral meeting, released by the White House.