The United States and China have vowed stronger cooperation between the world's two largest economies after reaching agreement on export deals worth USD 45 billion on Wednesday at the formal start of Chinese President Hu Jintao's state visit.

Both leaders called for a renewed effort of cooperation as they embarked on a summit that will help redefine the relationship between the world's longtime superpower and its rising Asian rival.

The summit will discuss currency rates, trade, global security and human rights.

In the run-up to the summit, U.S. and Chinese companies have signed about USD 45 billion worth of export deals, including the sale of USD19 billion of Boeing Co. aircraft, a senior administration official said Wednesday.

In addition to the Boeing deal, China will also invest in U.S. exports from agriculture, telecommunications and technology companies, including General Electric, Honeywell and Navistar, the Associated Press reported.

Executives from Boeing and General Electric are among the business leaders who will meet with Obama and Hu at the White House.