China-US relations are in a new historic period, Xi said, referring to the inception of the new governments of both countries.
Recalling a telephone discussion with US President Barack Obama last month, Xi said he and Obama reaffirmed their commitment to developing new China-US relations.
Xi said both countries should take a strategic and long-term view of China-US relations and enrich the framework of their cooperative partnership in quest of a new type of relations between major powers that features equality, mutual trust, tolerance, mutual learning and win-win cooperation.
Xi, also chairman of the Central Military Commission, said the military ties constitute an important part of the cooperative partnership between the two countries.
The healthy and stable development of China-US military ties would help to enhance the strategic mutual trust, and prevent risks and manage crises, according to the Chinese leader.
Hailing the progress achieved in China-US military exchange, dialogue and joint training over the past year and more, Xi said China attaches great importance to military-to-military relations between the two countries.
He added that China is willing to make joint efforts with the US side to deepen military trust in each other and expand exchanges and cooperation to establish a new type of military relationship between the two countries.
During the meeting, Dempsey, chairman of the US Joint Chiefs of Staff, offered condolences to victims of the recent earthquake in southwest China's Sichuan Province, adding that he appreciated the Chinese military's swift participation in disaster relief there.
Xi thanked the U.S side for their condolences and support after the quake, adding that China is able to cope with the natural disaster.
For his part, Dempsey said he was satisfied with the candid, in-depth and fruitful interactions with Chinese military officers during his China trip.
The US side is ready to work with the Chinese side to strengthen mutual trust and overcome obstacles to boost the military-to-military relations in the direction set by the two presidents.
Dempsey arrived in Beijing on Sunday for a five-day visit, the first since he took office as chairman of the US Joint Chiefs of Staff in 2011.
