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Austria will play an active role in seeking the EU's recognition of China's full market economy status, Fischer said.
During their talks, the Chinese president also recalled Fischer's fruitful state visit to China early last year, and noted that China-Austria ties have deepened further despite complicated and profound changes in the international situation.
Hu also expressed the hope that his ongoing visit, the first to Austria by a Chinese head of state in 12 years, will strengthen the friendship between the two peoples and promote the all-around development of China-Austria friendship and cooperation.
China became Austria's biggest trading partner outside Europe in 2010, when their two-way trade rose to 6 billion U.S. dollars, marking a 26 percent increase over the previous year.
Last year, about 200,000 Chinese tourists visited Austria, while some 80,000 Austrians traveled to China.
After the talks, the two leaders witnessed the signing of a number of cooperation agreements and documents. According to Chinese diplomats, the deals cover economy and trade, environmental protection, water conservation, education and culture.
Prior to the talks, Fischer hosted a grand welcoming ceremony for the Chinese president and his wife Liu Yongqing.
At midday on Monday, Hu, accompanied by Fischer, paid a visit to Austria's national library.
Hu is scheduled to meet Chancellor Werner Faymann and National Council President Barbara Prammer in the afternoon, before he travels to Salzburg to continue his visit to the Central European country.