Beijing (PTI): Chinese President Hu Jintao and US President-elect Barack Obama discussed major global issues of common concern, including the financial turmoil, with the Communist leader saying the two countries should "accommodate each other's concerns" and appropriately settle "sensitive" issues like Taiwan.

The two leaders spoke over phone yesterday, their first conversation since Obama's victory in the November 4 Presidential polls.

Hu told Obama, the first Afro-American to be voted to the White House, that China and the US should "respect each other and accommodate each other's concerns," and "appropriately" settle "sensitive issues", particularly the Taiwan question, to promote the bilateral ties of constructive cooperation to a higher level, the official Xinhua news agency reported.

Hu also appreciated Obama's emphasis in his campaign speeches on the great importance of Sino-US ties and strengthening of bilateral cooperation in jointly responding to international challenges and in sharing global development opportunities.

"Hu pointed out that since the establishment of diplomatic relations between the two countries 30 years ago, bilateral relations have generally kept developing despite setbacks, scoring hard-earned achievements and bringing about tangible interests to both nations," the report said without mentioning who made the call and how long it lasted.

Describing China as a great nation, Obama said that China's development and success meet US interests.

"On today's international arena, US-China relations are relations of vital importance. The development of US-China relations is not only in the interest of both nations, but also benefits the world," Obama was quoted as saying.