WASHINGTON (AP) — President Barack Obama says the U.S. and China have made significant progress on how to work together to stem cyberthefts from U.S. corporations, but that words now must be followed by actions.

The President says the United States and China have struck an agreement not to conduct or knowingly support cybertheft of trade secrets or competitive economic information.

Obama announced the agreement during a joint news conference with Chinese President Xi Jinping. Obama describes it as a common understanding of the way forward.

Obama also says the U.S. will go after cyber criminals with all the tools in its arsenal.

Xi said China has more than 600 million Internet users. He says China strongly opposes and combats the theft of commercial secrets and other kinds of hacking attacks. He says cooperation between the two nations will benefit both countries while confrontation will lead to losses on both sides.