The leaders issued a joint statement on "deepening the partnership of comprehensive strategic cooperation in the new era." At a news conference, Xi described the essence of the relationship as "firm support for each other's core interests and major concerns."
Pointing to the rise of bilateral trade to a record $240 billion last year, Xi applauded "all-around mutually beneficial cooperation" and said the two sides can boost ties even more in areas such as scientific research and industrial supply chains.
Putin had arrived in the Chinese capital early the same morning, and was greeted with a ceremony outside the Great Hall of the People. The two-day visit is Putin's first overseas trip since he began his fifth term as Russia's president, and his first to China since October 2023, when he attended a Belt and Road summit.
When they met, Xi congratulated Putin for starting his new term and lauded the growth of bilateral ties, according to China's state television. China-Russia relations have "become stronger over time, withstood the test of international storms and clouds, and set a model of mutual respect, frankness, harmony and mutual benefit," Xi said.
The Chinese president added that stable development of the relationship is not only in the interest of both countries but "conducive to peace, stability and prosperity in the region and the world."
The summit comes as the U.S. attempts to squeeze commercial links between China and Russia, aiming in part to curb supplies of dual-use goods that could support Moscow's invasion of Ukraine. Against the backdrop of growing threats of sanctions, observers are watching for any changes in China's position toward the conflict.
At the news conference, Xi said that he and Putin agreed that a "political settlement is the right direction" in Ukraine. While Western nations have called a peace conference in Geneva next month, but not invited Russia, Beijing has insisted that all sides need to be involved in any resolution.
At the same time, the duo spoke more broadly about global geopolitics. Xi said they agreed that "a solution to the Israeli-Palestinian conflict is urgently needed." China has been outspoken in support of the Palestinians since the deadly Hamas attack on Israel on Oct. 7, and sharply critical of U.S. partner Israel's devastating retaliation in Gaza.
In another clear dig at the U.S. and its efforts to strengthen security alliances, Putin said that Beijing and Moscow believe the "creation of closed military-political alliances in the Asia-Pacific region is harmful and counterproductive," according to Russian news agency Tass.
Putin during his time with Xi stressed that China is Russia's main partner in trade and the economy, and identified energy, industry and agriculture among priorities for enhancing cooperation. He said that cooperation in "peaceful nuclear power" is being strengthened, with Russia's state nuclear corporation Rosatom building reactors at power plants in China.
Trade between the two countries surged after Russia was hit by sanctions for invading Ukraine. For example, Russia is currently China's biggest export destination for gasoline cars, which are rapidly losing popularity inside China due to a shift toward electric vehicles.
Putin said that trade has been increasing "despite some actions that are aimed at curbing our development," according to Tass -- an apparent reference to Western sanctions. He added that 90% of all bilateral payments are already settled in rubles and yuan.
"Relations between Russia and China are not opportunistic and are not directed against anyone," Putin was quoted as saying.
For Xi, the meeting comes on the heels of his tour of Europe, where he met French President Emmanuel Macron and called for a global war truce during the Paris Olympics starting in July. He also met leaders of Serbia and Hungary, both of which are keen to bolster ties with China and are relatively warm toward Russia.
Tass reported that Putin and Xi will have an "informal dinner." Putin is also due to visit the northeastern city of Harbin to attend a trade exhibition and visit the Harbin Institute of Technology.
Mathieu Duchatel, policy analyst at Institut Montaigne, wrote on X that "Putin visiting the Harbin Institute of Technology is a meaningful choice. It says two things: Sino-Russian solidarity against U.S. sanctions, and deepening access to Chinese defense technology for the Russian arms industry."
Philipp Ivanov, a senior fellow at the Asia Society Policy Institute, called Putin's visit to China "another milestone in the rapidly growing China-Russia economic and strategic partnership, which was accelerated by the war in Ukraine."
Yet, despite the fanfare designed to highlight their close "no limits" partnership and Xi's description of the ties as a "model" for neighborly cooperation, the relationship may have its limits after all.
Shin Kawashima, a professor at the University of Tokyo specializing Chinese politics, told reporters on Thursday that "even though Russia is the most important partner for China, it is not an ally."
China's diplomacy centers on its rivalry with the U.S. and ambitions to take a leadership role among the developing nations of the so-called Global South. "Russia is extremely important in countering the U.S.," Kawashima said, and for the time being, it is in China's interest to have Moscow as a hedge against NATO. Likewise, China would prefer not to have a large neighbor like Russia in disarray at this tense time.
But Kawashima believes that China would only go so far in backing Russia and is sensitive to the opinion of the developing world. "If many of the developing countries oppose what Russia does, China is not going to follow up on that position," he said.
Additional reporting by Kenji Kawase in Hong Kong.