The two sides "should think big and recognize the long-term benefit of cooperation", and must not fall into a vicious cycle of mutual retaliation, he added.

Trump said during the meeting that the two countries have always had a fantastic relationship, and that it will be even better.

"We will make both China and the US even better", and China is "the biggest partner of the US", the news release quoted Trump as saying.

Diao Daming, a professor of US studies at Renmin University of China's School of International Relations, said the meeting in Busan "set out a clear direction for further contacts between senior officials and communications at various levels".

"The China-US summit on Thursday introduced a framework to effectively shape China-US ties as led by head-of-state diplomacy," he added.

The latest outcomes unveiled in economic and trade areas are "a great response to the time-tested truth that countries gain from cooperation and lose from confrontation", and they take good care of long-term interests, Diao said.

When noting the good momentum of China's economic development, Xi referred to the facts such as the country's import and export trade in goods with the rest of the world, which expanded 4 percent in the first three quarters of this year.

"We have the confidence and capability to navigate all kinds of risks and challenges," he said.

Xi called for the two teams on economy and trade to continue their talks in the spirit of equality, mutual respect and mutual benefit, and "continuously shorten the list of problems and lengthen the list of cooperation".

Diao said Xi's fresh proposal to "lengthen the list of cooperation" sets a good example for tackling different problems in economic and trade areas, and will help the two sides enter a new phase of relieving economic tensions.

Xi stressed during the talks that China and the US should maintain communication through various channels and at various levels to enhance mutual understanding.

He noted that "there is good potential for the two countries to work together" on combating illegal immigration, telecommunications fraud and money laundering, as well as for joint efforts on artificial intelligence and responses to infectious diseases.