Beijing, Nov 10 (IANS): President Barack Obama Monday said the US welcomes the rise of a prosperous, peaceful and stable China.

Speaking at the 2014 Asia-Pacific Economic Cooperation (APEC) CEO Summit, Obama said the US-China relationship was not a "zero-sum game" and benefitted both countries and the world, Xinhua reported.

As the world's two largest economies, the two countries "have special responsibilities to embrace", Obama said.

"If China and the US can work together, the world benefits."

He noted that enhancing China's integration to the world economy is in "US's best interest and the world's best interest".

"We want China to do well," Obama said.

"We compete for business, but we also seek to cooperate on a broad range of shared challenges and shared opportunities in fighting Ebola spread, stopping nuclear proliferation, deepening clear energy partnership, and combating climate change."

Obama also announced that the two nations have agreed to implement a new visa arrangement during his visit, which will extend the student visa from one year to five years, and business and tourist visa to 10 years.

This will benefit students and businesses large and small, Obama said, adding that China's economic development and Chinese tourists made positive contribution in creating jobs for Americans and hence promoting the country's economy.

The US president also said that he "very much appreciated" his Chinese counterpart Xi Jinping's effort to promote bilateral ties.