Putin invites Xi to Russia next yearpublished at 04:40 BST
Putin has also invited Xi to visit Russia next year, adding that relations between Beijing and Moscow are "helping global stability".
Xi last visited Russia in May last year.
Russian President Vladimir Putin is in a summit with Xi Jinping in Beijing days after US President Donald Trump's visit
This is Putin's first foreign visit of the year - a reflection of how critical China has become for an increasingly isolated Russia
Beijing is the biggest buyer of Russian oil and a key ally despite Western sanctions against Moscow
Xi wants to appear close to Moscow - but not too close because the Ukraine war has put him in an awkward spot, writes our China correspondent
Putin will be seeking to strengthen the relationship - a new pipeline that could deliver up to 50 billion cubic metres of natural gas to China will be high on the agenda
He joins a long list of leaders who have been making their way to Beijing in recent months to do more business with China
Edited by Yvette Tan and Aparna Alluri, with Laura Bicker reporting from Beijing
Putin has also invited Xi to visit Russia next year, adding that relations between Beijing and Moscow are "helping global stability".
Xi last visited Russia in May last year.
Putin continues to say that the two countries' economic relations "show good dynamics".
Russia remains a "reliable energy supplier" amid the ongoing crisis in the Middle East, he says.
The Chinese and Russian delegations are meeting now in the Great Hall of the People.
Xi, in his opening remarks, tells Putin that the two countries should assist each other in development and revitalisation, Chinese state media report.
Putin says in his opening remarks that Russia-China relations are at an unprecedented level, Reuters reports.
Xi and Putin are currently holding talks at the Great Hall of the People. The meeting was originally scheduled to take place at 11:45 local time, or in about 20 minutes - but are happening ahead of time.
This has been described as a "narrow format meeting", typically a smaller meeting where more sensitive issues are typically discussed.It is expected to last around 15 minutes before the duo proceed with a larger-group meeting with their respective delegations.
Image source, APThe two leaders can be seen chatting, as they walk up the steps to enter the Great Hall of the People.
We're also seeing dozens of children jumping up and down, waving Russian and Chinese national flags, and cheering "Welcome, welcome! A warm welcome!" in Mandarin.
It's a similar scene to the welcome Trump received at this very spot last week.

Image source, ReutersThe two presidents are now walking down the red carpet, past neat lines of Chinese soldiers standing at attention.
The Chinese military band has just played the Russian and Chinese national anthems, as the two leaders stand at the centre of the square, before the Great Hall of the People.

Xi is now shaking hands with the Russian delegation on the red carpet.
Putin has gotten out of his car and has shaken hands with Xi, before moving on to shake hands with a line of Chinese officials on the red carpet.
Moment Xi and Putin shake hands as they meet in Beijing
Xi is walking down the steps from the Great Hall of the People, getting ready to welcome Putin.
Putin's car has now arrived at the Great Hall of the People, according to state broadcaster CCTV. The Russian leader himself is due to appear shortly.
Military troops have already been standing in position, flanked by a flurry of Russian and Chinese flags.
We'll bring you the latest as it happens.
Image source, Getty ImagesPutin's trip to Beijing comes days after US president Donald Trump paid a visit to Xi Jinping.
It was the first time in nearly a decade that a US president visited China.
That visit, which had been delayed by the Iran war, was heavy on pageantry but light on details about policy agreed by both sides.
Trump described the talks as "very successful" while Xi called it a "historic landmark".
But when it came to the key issues looming over the relationship between the superpowers - from the Iran war to Taiwan and trade - but few concrete agreements have been announced by both sides so far.
Trump told reporters that China had agreed to buy 200 Boeing jets - a deal confirmed by China's commerce ministry and Boeing. The White House also said China would buy at least $17bn worth of agricultural goods from the US - but China has not confirmed this.
Ankur Shah
Editor, BBC Global China Unit
Image source, AFP via Getty ImagesThe relationship between China and Russia is highly uneven, and any deals struck between the two countries will likely be on Chinese terms, says Alexander Gabuev, director of the Carnegie Russia Eurasia Center think tank.
"Russia is fully in China's pocket, and China can dictate the terms."
Since Russia's full-scale invasion of Ukraine in 2022, Moscow has become increasingly dependent on Chinese components for its war machine. Years of Western sanctions have also gradually pushed Moscow deeper into trade engagement with Beijing.
China is Russia's largest trading partner, while Russia makes up just 4% of China's international trade.
Moscow has few viable alternatives to Beijing, a buyer that offers a scale of demand and market integral to Russia's survival.
Were China to lower its trade with Russia, considering the breakdown of relations with the West, it would significantly complicate Russia's foreign policy objectives.
Image source, Getty ImagesBeijing has had a very packed diplomatic schedule in the last few months.
Apart from Putin and Trump, leaders from around the world have accepted invitations to China, while Xi and his officials have conducted far fewer state visits overseas.
Among the state leaders who have descended on the Chinese capital were British Prime Minister Keir Starmer and Canada's Mark Carney, both of whom were seeking a thaw in strained bilateral ties.
Beijing has also welcomed German Chancellor Friedrich Merz, Finnish Prime Minister Petteri Orpo, South Korean President Lee Jae Myung and Vietnamese President To Lam, among others.
Laura Bicker
China correspondent
President Xi wants to appear close to his neighbour and ally - but not too close as Russia’s invasion of Ukraine has put him in an awkward position.
China has refused to condemn Putin’s actions, while also trying to maintain ties with a West watching warily as the two stand side-by side.
Russia launched its full scale invasion in February 2022, just weeks after Putin declared a “no limits” partnership with China.
Economic ties between the two since the war have deepened and bilateral trade has now soared to record highs. China has also been accused of providing Russia with components it could use in the war.
In short, China could be providing Moscow with an economic lifeline.
Beijing will not want a destabilising war in Europe, Xi will want stability. But he will also not want to see Putin’s regime collapse.
And that is a tricky balancing act for Beijing to perform.
Authorities on both sides have not announced specific topics of discussion during the Xi-Putin meeting. But here are some of the key issues that may feature in the talks:
Trade relations between the two countries have deepened amid years of western sanctions on Russia. A key area of bilateral trade is Russia's massive energy supplies, including oil and gas.
The Power of Siberia 2 pipeline, which could finally be built after years of stalled negotiations, would deliver an annual 50 billion cubic metres of Russian gas to China - offering a boost to China's energy security, especially with the crisis in the Strait of Hormuz.
The war in Ukraine, which is still grinding on, is also likely to feature in the discussions. Russia reportedly relies on Chinese exports - such as dual-use items and drone components - to sustain its military campaign in Ukraine.
China holds the official stance of neutrality in the war, calling for peaceful resolution to the conflict through dialogue. But it has also criticised Western sanctions against Russia, claiming they are "illegal and unjustified".
Putin touched down in Beijing on Tuesday night, where he was welcomed by Chinese foreign minister Wang Yi and a military band.
This is the Russian president's 25th official visit to China. Here are some pictures of what went down at the airport last night.
Image source, ReutersPutin was greeted by Wang Yi at the airport in Beijing
Image source, Getty ImagesPeople on both sides of the red carpet, waving Chinese and Russian flags
Image source, Getty Images
Image source, ReutersChinese honour guards march in formation near Putin's aircraft ahead of his arrival
Image source, Getty ImagesPutin, who arrived in Beijing late on Tuesday, has a packed schedule for his short two-day visit.
After being greeted by a grand ceremony in Beijing's central square, this is what is on his schedule.
Are Xi Jinping and Vladimir Putin best friends, or is it just politics?
Our China correspondent Laura Bicker and Russia editor Steve Rosenberg take a closer look at the duo, who have met more than 40 times - and the balance of power in their relationship.
Friendship or geopolitics? BBC breaks down Xi and Putin relationship