Chinese President Xi Jinping meets with U.S. President Donald Trump in Osaka, Japan, June 29, 2019. (Xinhua/Ju Peng)

OSAKA, June 29 (Xinhua) -- Chinese President Xi Jinping and his U.S. counterpart, Donald Trump, agreed here Saturday to restart economic and trade consultations between their countries on the basis of equality and mutual respect.

The two leaders also agreed that the U.S. side will not add new tariffs on Chinese exports, and the two countries' economic and trade negotiating teams will discuss specific issues.

Xi and Trump met on the sidelines of a summit of the Group of 20 major economies in the Japanese city of Osaka.

The two leaders exchanged in-depth views on fundamental issues concerning the development of China-U.S. relations, trade frictions as well as international and regional issues of common concern.

They also set the direction for bilateral ties in a period to come and agreed to advance a China-U.S. relationship featuring coordination, cooperation and stability.

In their meeting, Xi said China is sincere in continuing trade negotiations and managing differences with the United States, but negotiations should be based on equality and mutual respect and address each other's legitimate concerns.

On issues involving China's sovereignty and dignity, China must safeguard its core interests, Xi added.

As the world's two largest economies, China and the United States will eventually have to find a mutually acceptable solution to their differences through dialogue and consultation, Xi said.

The Chinese president said that China and the United States have highly integrated interests and extensive cooperation areas, and they should not fall into so-called traps of conflict and confrontation.

He called on the United States to treat Chinese enterprises and students fairly to allow normal corporate cooperation and people-to-people exchanges between the two countries.

For his part, Trump said he harbors no hostility towards China and hopes for better bilateral relations.

The United States hopes to engage in consultations to properly settle the trade imbalance between the two countries and provide fair treatment for enterprises of both sides, said Trump, adding that he hopes China can increase imports from the United States.

Noting that there are many excellent students in China, Trump said he always welcomes Chinese students to study in the United States.

At the beginning of their meeting, Xi recalled the start of "ping-pong diplomacy" in 1971 in Nagoya, Japan, where Chinese and U.S. players had friendly interactions at the 31st World Table Tennis Championships, eight years before the two countries established diplomatic relations.

Despite the great changes that have taken place in the international situation and China-U.S. relations during the past 40 years, "one basic fact remains unchanged: China and the United States both benefit from cooperation and lose in confrontation," Xi said.

"Cooperation and dialogue are better than friction and confrontation," he told Trump.