Chinese President Xi Jinping hailed US President Donald Trump on Thursday for his peacemaking efforts as the two leaders met in the South Korean port city of Busan.

"You care a lot about world peace, and you're very enthusiastic about settling various regional hotspot issues. I appreciate your great contribution to the recent conclusion of the Gaza ceasefire agreement," Xi told Trump.

Xi also noted Trump’s role in a peace pact between Cambodia and Thailand signed Sunday after the two Southeast Asian countries engaged in deadly border clashes in July this year.

It marked the first time in six years that the leaders of the world's top two economies met face-to-face. Xi and Trump last met in June 2019 at the G20 summit in Osaka, Japan.

"The world today is confronted with many tough problems. China and the US can jointly shoulder our responsibility as major countries and work together to accomplish more great and concrete things for the good of our two countries and the whole world," Xi told Trump.

"Given our different national conditions, we do not always see eye to eye with each other, and it is normal for the two leading economies of the world to have frictions now and then," the Chinese leader said.

Xi acknowledged that Chinese and US trade teams, which met several times, including in Malaysia over the weekend, had made "encouraging progress" towards a "solid foundation, sound atmosphere" for bilateral talks.

"In the face of winds, waves and challenges, you and I at the helm of China-US relations should stay the right course and ensure the steady sailing forward of the giant ship of China-US relations,” Xi stressed.

China and the US can “jointly work to accomplish more great and concrete things for the good of our two countries and the whole world,” Xi told Trump.

"I always believe that China's development goes hand in hand with your vision to make America great again," the Chinese leader said.

"Our two countries are fully able to help each other succeed and prosper together. Over the years, I have stated in public many times that China and the United States should be partners and friends. This is what history has taught us and what reality demands," he added.

"I'm ready to continue working with you to build a solid foundation for China-US relations and create a sound atmosphere for the development of both countries,” Xi told Trump.

‘Tough negotiator, great leader’

Trump said the US and Chinese delegations "already agreed to a lot of things" ahead of the meeting and said he and Xi will "agree to some more right now."

"President Xi is a great leader of a great country, and I think we're going to have a fantastic relationship for a long period of time, and it's an honor to have you with us," he told reporters.

Xi and Trump are in South Korea ahead of the 32nd Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in the southeastern city of Gyeongju, which Xi will also attend. Trump held a meeting with APEC business leaders Wednesday.

Receiving Xi before they sat for bilateral talks, Trump told reporters "we're going to have a very successful meeting, I have no doubt."

"But he's a very tough negotiator. That's not good," said Trump, chuckling to media personnel. "We know each other well. We have a great understanding. We have a great relationship. We've always had a great relationship."

The meeting concluded after around 100 minutes, with Trump and Xi coming out of the venue together.

The two leaders exchanged pleasantries and a handshake before they got into their cars.

While Trump is flying home, Xi will continue his state visit to South Korea and also participate in the APEC summit.

Neither side had released details of the outcome of the meeting at the time of publication.

Ahead of the Thursday meeting between Xi and Trump, the Chinese delegation, led by Vice Premier He Lifeng, held two days of talks with the US team headed by Treasury Secretary Scott Bessent in Kuala Lumpur, Malaysia on the sidelines of the Association of Southeast Asian Nations (ASEAN) summit.

Bessent later said the two sides had reached a “very substantial” framework for Xi and Trump to decide on issues, including trade and tariffs.

Trump later said a deal on TikTok's US ownership with China might be finalized during his meeting with Xi.

Since Trump’s return to the White House for a second term early this year, he and Xi have spoken by phone three times and exchanged letters, the Chinese president said.

Trump's trip to South Korea caps his three-nation tour of Asia, which began Sunday with his participation in the ASEAN summit in Malaysia and then shifted to Japan, where he held talks with Prime Minister Sanae Takaichi and also addressed US soldiers and Japanese business leaders.