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Looking to the future, Hu proposed both leadership maintain close contacts, governments and legislatures expand communication in a bid to deepen political trust.
On the economic front, Hu said both countries should make use of their own advantages and expand cooperation. He encouraged both sides to explore new ways of collaboration and foster new areas of growth.
"Both sides should increase the contacts between business councils so as to boost the cooperation between small and medium-sized enterprises."
He called for joint efforts to stand against trade and investment protectionism and provide a legal guarantee for expanded mutual investment.
In response, Fischer said Austria welcomed the visit of Chinese business promotion delegation. He also encouraged both countries to step up aviation cooperation.
Hu proposed both countries work more closely in culture, education, tourism, think tank and media, promoting dialogues between different cultures.
"As next year will mark the 40th anniversary of bilateral diplomatic ties, China would like to work with Austria to prepare celebrations," Hu said.
Hu also pledged to cooperate more with Austria on international and regional issues.
Fischer said Austria would like to play a positive role in promoting ties between Europe and China.
At the end of talks, the two presidents witnessed the signing of five deals in public health, quality quarantine, science and technology, personnel training and Chinese teaching.