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".

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.

Relevant departments should strengthen dialogue and exchanges and carry out mutually beneficial cooperation, Xi said, adding that China and the US should also engage in positive interactions on regional and international platforms.

Su Xiaohui, an associate research fellow at the China Institute of International Studies, said the meeting shows that putting the ties back on track requires joint efforts, particularly by the US, and the two sides should spare no efforts in addressing specific issues that were raised.

"The bilateral ties should advance, not backpedal, and the impetus stems from the tangible actions to be taken by both sides in realizing the fresh consensus of the two leaders," she added.

When explaining that China has no intention of challenging or supplanting anyone, Xi said: "Our focus has always been on managing China's own affairs well, improving ourselves, and sharing development opportunities with all countries across the world. And that is an important secret to our success."

On the calendar ahead for multilateral diplomacy, China will host APEC 2026 and the US will host the G20 summit next year.

Xi said the two sides can support each other in making both meetings productive to promote world economic growth and improve global economic governance.

Trump said the US expects both events to be successful, adding that the two countries together "can get many great things done for the world" and "have many years of success".

Diao, the Renmin University of China professor, noted that both APEC and the G20 are major mechanisms for economic governance, and the two countries exchanging support for hosting these events "will introduce a boost to world economic growth and the perfection of the global governance system".

In terms of top-level exchanges, the two presidents "agreed to maintain interactions on a regular basis", the Foreign Ministry said, adding that Trump said he looked forward to visiting China early next year and invited Xi to visit the US.

Since Trump's reelection, the two leaders have spoken on the phone three times, exchanged several letters and stayed in close contact.

"Under our joint guidance, China-US relations have remained stable on the whole," Xi said at the start of the talks.

Trump described Xi as a "very, very distinguished and respected" leader and said that Xi had been his friend "for a long time".

Xi emphasized that China's development and revitalization "goes hand in hand" with Trump's vision to "Make America Great Again".

He said he is ready to continue working with Trump to "build a solid foundation for China-US relations and create a sound atmosphere for the development of both countries".

Su, the CIIS scholar, said head-of-state diplomacy "plays an irreplaceable role in managing China-US ties", and it is essential for both countries to chart a clear course via diplomacy between the two presidents.

"The meeting between them was highly strategic and focused on matters that are key in the long run," she said.

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zhangyunbi@chinadaily.com.cn