To the satisfaction of the Chinese at talks designed to usher in a new era of friendship, "not confrontation", Mr Obama said that the ties between the two powers were "as important as any bilateral relationship in the world".
"That reality must underpin our partnership. That is the responsibility we bear," he said at the first meeting of the Strategic and Economic Dialogue in Washington. In recognition of the importance of the two-day summit it has been described by analysts in the US as the "G2", after the G8 and G20 gatherings.
Mr Obama said he was under "no illusions that the United States and China will agree on every issue", but insisted closer co-operation on a range of challenges from lifting the global economy to nuclear proliferation and climate change was vital for the whole world.
In what appeared to be a co-ordinated new slogan, both Mr Obama and Hu Jintao, the Chinese president, who sent a message to the meeting, said they sought a "positive, constructive, and comprehensive relationship".
The talks are a revamped version of a meeting launched by George W Bush that focused solely on economic issues.
The new dialogue, to be held every year in alternate capitals, involves the US state department and Chinese foreign ministry and firmly underlines China's growing global footprint.
Beijing sent 150 officials to Washington for dozens of meetings with their US counterparts, bringing much of the capital to a virtual standstill.
The Chinese are still sensitive about their inferior status and pushed hard for Mr Obama to open the meeting, according to sources close to the administration, because "they are still looking for validation".
But the hosts were happy to pay tribute to China's ascendance and were optimistic about its ability to act as a responsible member of the global community.
Mr Obama and Hillary Clinton, the US secretary of state, made only brief reference to China's poor human rights record, which used to loom much larger in discussions.
Speaking just weeks after the eruption of ethnic violence in China's Muslim-majority Xinjiang province, which left at least 192 people dead, Mr Obama said: "We strongly believe that the religion and culture of all peoples must be respected and protected, and that all people should be free to speak their minds. That includes ethnic and religious minorities in China."
But he bracketed his criticism with acknowledgement of China's great "ancient culture" and the vibrant contribution of Chinese Americans to the US.
For the Chinese, Dai Bingguo, the state councillor, acknowledged the two states "could never be the same", and echoed his hosts by saying neither country could solve the world's problems alone.
"We are actually all in the same big boat that has been hit by fierce wind and huge waves," Mr Dai said of the economic and other crises.
The strongest message behind the scenes from Timothy Geithner, the US Treasury Secretary, and his staff was that Americans are learning to save more and spend less, meaning China cannot rely on exports to the US for its growth and will have to raise domestic consumption.
The Chinese, holding $801.5 billion (£485 billion) of US treasury debt, meanwhile sought further explanations of what the Obama administration plans to do about the soaring deficits.
Though expectations are low for immediate breakthroughs on a variety of sticking points, even committed China watchers have been surprised by the speed of the growth in bilateral relations.
"There will be areas without a lot of traction," said Drew Thompson, director of China studies at the Nixon Centre think tank, running from the value of yuan to the Dalai Lama and intellectual copyright protection. "But if you don't start to build a relationship you will never achieve the progress that you want.
"There are a lot of things we can't get done without having China on board, and the Chinese are learning that they have a new role and they are leaving big footprints around the world. A certain responsibility comes with that," he added.
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