Some are describing the meeting between Barack Obama and China’s President Hu Jintao at this week’s G20 Economic Summit in London as the ‘G2′. Read more about the two leaders very first meeting below, see photos, and watch a video.

Chinese President Hu Jintao President Barack Obama

Chinese President Hu Jintao, President Barack Obama

Barack Obama and Hu Jintao, the President of China, met for the first time in London ahead of the G-20 economic summit.

During their ‘G2′, The One and Hu seemed to get along well — most socialists do — and agreed to ‘intensify coordination and cooperation on global economic and financial issues.’ That seems helpful.

The Chinese have openly questioned the long-term value of their treasury bond holdings and begun angling for a new global reserve currency to replace the dollar. Something our Treasury Secretary Tim Geithner was for before he was against. And reportedly Obama opposes replacing the dollar as the global reserve currency.

The two leaders agreed to work together to renew world economic growth, strengthen the financial system and establish a ‘strategic and economic dialogue’ group that would first meet in Washington later this year. The White House says Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner would represent the United States during those talks.

Geithner will engage senior Chinese officials on these and other economic issues, among them — continued stimulus spending to boost consumer demand, China’s currency valuation and trade compliance. Clinton will speak with Chinese officials on foreign policy issues.

We’re doomed.

More photos and a video from Barack Obama, Hu Jintao ‘G2′ are below.

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Hu Jintao Barack Obama G2 Photos

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Hu Jintao Barack Obama G2 Photos

Hu Jintao Barack Obama G2 Video

Photos: WENN