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The two sides have already cooperated on a range of important issues, including the global financial crisis, and have also cooperated well under the G-20 framework, the president said.
With the global economic situation gradually restoring stability, Washington and Beijing need to consolidate cooperation to fight nuclear proliferation and climate change, Obama added.
"On economic terms, it is important for us to have frank discussion and to work cooperatively in order to achieve a type of more balanced and sustainable economic growth," the president said.
"We also have to work cooperatively together to achieve regional peace and stability" because the world regards the China-U.S. relationship as critical criteria on the whole range of security cooperation, he added.
The meeting arranged on the sidelines of U.N. conferences, was expected to improve bilateral ties and deepen mutual trust at a time when Sino-U.S. relations are clouded by trade arguments but dominated by both countries' willingness to cooperate.
Wen arrived in New York on Tuesday evening to attend a series of U.N. meetings.