Beijing - Chinese President Hu Jintao and US President George W Bush discussed the US financial crisis by telephone on Monday, the Chinese foreign ministry said.

Hu told Bush he hoped that US measures to bolster financial markets would soon have an effect and "lead to a gradual recovery," the ministry said on its website.

Recovery of US financial markets was in the interests of China as well as the United States and would benefit the entire global economy, Hu was quoted as saying.

Bush briefed Hu on the latest developments in the United States, saying his government was "well aware of the scope of the problem" and would continue efforts to stabilize US and global financial markets, the ministry reported.

The two leaders also discussed bilateral issues and promised more dialogue and cooperation on major issues, it said. (dpa)