President Barack Obama has stressed that the United States and China will have a \"healthy economic competition\" as well as \"a whole range of challenges.\" In remarks before his bilateral meeting with China\'s President Xi Jinping in Palm Springs, California, late on Friday, Obama reiterated \"how the United States welcomes the continuing peaceful rise of China as a world power and that, in fact, it is in the United States\' interest that China continues on the path of success.\" He added \"we believe that a peaceful and stable and prosperous China is not only good for Chinese but also good for the world and for the United States.\" Obama affirmed that \"as two of the largest economies in the world, we\'re going to have a healthy economic competition, but we also have a whole range of challenges on which we have to cooperate, from \"North Korea\'s nuclear and missile programs - to proliferation, to issues like climate change.\" He stressed that the U.S. \"seeks an international economy and international economic order where nations are playing by the same rules, where trade is free and fair, and where the United States and China work together to address issues like cyber security and the protection of intellectual property.\" Obama also stressed on the importance of human rights, saying \"in addition to the strategic concerns that we share and the economic challenges that each of our countries face, I will continue to emphasize the importance of human rights.\" \"There\'s a strong recognition on the part of both President Xi and myself that it is very much in our interest to work together to meet the global challenges that we face.And I\'m very much looking forward to this being a strong foundation for the kind of new model of cooperation that we can establish for years to come,\" Obama remarked.