President Xi Jinping and United States President Donald Trump held their first face-to-face meeting since 2019, producing a consensus that observers said is a boost to both sides and to the rest of the world in areas ranging from economy and trade to counternarcotics and global governance.

"The two presidents agreed to enhance cooperation in economic, trade, energy and other fields and to encourage more people-to-people exchanges," the Foreign Ministry said in a news release about the meeting, which was held on Thursday morning in Busan, Republic of Korea.

Starting in May this year, working teams from both sides have held five rounds of economic and trade talks in several countries, including the latest one in Kuala Lumpur, Malaysia, on Saturday and Sunday, which paved the way for the meeting in Busan.

"The two teams had an in-depth exchange of views on important economic and trade issues, and reached consensus on solving various issues," Xi said in the meeting with Trump, which lasted one hour and 40 minutes.

After their talks, the Ministry of Commerce unveiled more details on Thursday afternoon about the outcomes achieved at the recent economic and trade talks in Kuala Lumpur.

The outcomes include canceling or suspending tariffs, pausing export controls and putting aside measures targeting the maritime, logistics and shipbuilding industries.

Xi said that both sides "should work out and finalize the follow-up steps as soon as possible, and ensure that the common understandings are effectively upheld and implemented, to inject confidence into the two countries as well as the global economy through solid deliverables".

He said the two sides' business relationship "should continue to serve as the anchor and driving force for China-US relations, not a stumbling block or a point of friction".