The two sides also agreed to strengthen educational and people-to-people exchanges and to enhance cooperation in law enforcement and against illicit drugs, including the new synthetic drug fentanyl.
During the meeting, Xi reiterated China's stance on the Taiwan question and the US side said it would continue to adhere to the one-China policy, according to the statement.
Both sides also exchanged views on the Korean Peninsula issue.
According to the statement about the meeting, China supports a second meeting between Trump and Kim Jong-un, leader of the Democratic People's Republic of Korea.
Beijing hopes that Washington and Pyongyang will meet each other halfway, accommodate each other's reasonable concerns and push forward in parallel on the denuclearization process and the establishment of a peace mechanism on the peninsula, the statement said.
"In a friendly and candid atmosphere, the two presidents had profound discussions that lasted for two and a half hours. The time was much longer than the schedule," State Councilor and Foreign Minister Wang Yi told reporters during a briefing on Saturday.
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