Even though the two sides have different histories, cultures, social systems and development paths, such differences should not become an obstacle to growing bilateral relations, he said.

The Chinese nation has the proud tradition of standing up for itself, and suppression and containment will only strengthen the will and boost the morale of the Chinese people, Xi said.

He stressed that starting a trade or technology war, building walls and barriers, and pushing for decoupling and severing supply chains all run counter to the principles of a market economy and undermine international trade rules.

Such attempts serve no one's interests, Xi said.

He reiterated Beijing's opposition to politicizing and weaponizing economic and trade ties as well as exchanges in science and technology, saying that China and the US share more, not less, common interests under current circumstances.

Xi underscored the need for both sides to promote post-COVID global recovery, tackle climate change and resolve regional issues through coordination and cooperation.

On the Ukraine issue, Xi reiterated China's strong concern before laying out Beijing's position.

Conflicts and wars produce no winner, and confrontation between major countries must be avoided, he said, adding that China has all along stood on the side of peace and will continue to encourage peace talks.

Beijing supports and looks forward to a resumption of peace talks between Russia and Ukraine, and China hopes that the US, NATO and the European Union will conduct comprehensive dialogues with Russia, he said.

In his remarks, Biden underscored the responsibility that he and Xi share to show that China and the US can manage differences, prevent competition from becoming near conflict, and find ways to work together on urgent, global issues that require mutual cooperation.

The US side is committed to keeping the channels of communication open between the two presidents and at all levels of government to allow candid conversations on issues they disagree on, and to strengthen necessary cooperation and play a key role in addressing climate change, food security and other important global challenges, Biden added.

He reaffirmed that a stable and prosperous China is good for the US and the world, adding that his nation respects China's system and does not seek to change it.

He offered assurances that Washington does not seek a new Cold War or to revitalize alliances against China. The US does not support "Taiwan independence", does not support "two Chinas" or "one China, one Taiwan", and has no intention to have a conflict with China, he said.

He added that the US side has no intention to seek decoupling from China, to halt China's economic development, or to contain China.

Xi arrived in Bali on Monday afternoon to attend the 17th G20 Summit.

He will leave for Bangkok on Thursday to attend the 29th APEC Economic Leaders' Meeting before making a visit to Thailand.