"Both leaders agreed the world political and economic situation is experiencing great change and that the two sides must strengthen cooperation to face the current economic troubles," Chinese foreign ministry spokesman Liu Jianchao told AFP.

Russian media reports on the meeting in the Peruvian capital quoted Hu saying the two must work together against "the most deep and serious changes since the Cold War."

Meeting on the sidelines of the Asia-Pacific Economic Cooperation forum, Medvedev told Hu the current world problems should not inhibit both sides from "discussing fully fledged cooperative, strategic relations in all their fullness," Russian media reported.

Russia and China, once bitter Cold War foes, have been developing increasingly close relations, seen by many as a potential check on US power.

Trade ties, particularly in the energy sector, have grown rapidly in recent years.

Hu called for even closer cooperation in the finance and energy spheres as a potential buffer against the global crisis, Liu said.

"The two sides need to work together to be able to reduce the risks from the financial crisis and safeguard economic growth," Liu quoted Hu as telling Medvedev.

"At the same time they agreed to push forward reform of the world financial system."

During their 45-minute meeting, the two leaders also pledged to pursue a six-nation effort, chaired by China, to denuclearize North Korea, Liu said.

The process has snagged on questions over how North Korea will carry out the scrapping of its nuclear programs and how that will be verified.

Russian media last week quoted the country's energy minister as saying Moscow and Beijing would resume talks about oil shipments via a new pipeline next week, after they were reportedly halted over a financial dispute.

The talks on a 25-billion-dollar (20-billion-euro) loan package from China to Russian state pipeline monopoly Transneft and oil company Rosneft had been suspended due to "absurd" Chinese conditions for the loan package, Russian media had quoted a source as saying.

The loan was to be offered in exchange for oil deliveries through a pipeline to be built in Siberia.

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