The two leaders, who met on the sidelines of a Group of 20 summit in Argentina, also made a decision to hold off on new tariffs and give negotiators three months to strike an agreement.
The commerce ministry said China-US trade and economic discussions were "very successful".
"China's discussed these things with the US many times down through the years and the results have not been very good", he said.
Imports of American soybeans fell by 95% in October YoY and LNG imports were virtually non-existent after the tariffs were imposed.
Previously, Trump had threatened China several times about a tariff escalation to 25% from current 10%. We are merely entering the next phase of what will be an enduring economic competition between the world's two largest economies.
Chinese State Councilor Wang Yi told reporters, "The two presidents agreed that the two sides can and must get bilateral relations right". But he added, "if that's real" - raising some doubt - it would close the USA trade deficit with China, and 'we have to have a negotiated agreement and have this on paper'.
We will remind, the President of the United States Donald trump and Chinese President XI Jinping, on the sidelines of the G20 summit have agreed not to impose additional duties from 1 January 2019. -China trade cease-fire, contributing to a broad stock market plunge and intensifying fears of a global economic slowdown.
China also announced an array of punishments that could restrict companies' access to borrowing and state-funding support over intellectual-property theft.
For meetings such as the Trump-Xi dinner, the initial official news report is typically drafted by the foreign ministry and approved by the General Office of the ruling Communist Party's Central Committee, she said.
Chinese leaders have offered to change some details of plans such as "Made in China 2025".
Huawei chief financial officer arrested in Vancouver - Telco/ISP - Finance - Security
The US began an investigation in 2016 to ascertain whether or not Huawei has violated American sanctions against Iran. Huawei said it was unaware of any wrongdoing by Meng and was provided " very little information" about the charges.
The reality is far more unsettling, especially for China.
On Tuesday, China's government issued a pledge that appeared to be aimed at mollifying USA complaints about rampant violations of patents and copyrights.
President Trump doubled-down on his widespread use of trade tariffs to improve the USA economy and the American manufacturing base Tuesday, saying he is a "tariff man" after reaching a 90-day "truce" with China.
But he urged caution going into the new year and pointed out that holding back on higher tariffs isn't the same as lifting the ones already in place.
Through a translator, Xi said that "only with cooperation between us can we serve the interest of global peace and prosperity and that is why I look forward to this meeting".
Kudlow said he did not think that auto tariffs were imminent, though he added that they were in Trump's "quiver of arrows". "President Xi and I want this deal to happen, and it probably will", he said.
Trump agreed in July not to impose higher duties on European Union cars while the two sides sought to improve ties in a number of fields, from regulatory cooperation to energy and a deal to remove tariffs on industrial goods.
China swung into action to start delivering on the trade commitments that led to its weekend truce with the USA, even as uncertainty over what was agreed lingers.
"Although we do not see Qualcomm approaching NXP again in the short-term, we believe the statement is a positive for M&A activity, especially in the tech space", Zhang wrote.
The Motor & Equipment Manufacturers Association, which opposed the tariffs, said the truce would reduce the risk of an ongoing trade dispute with China.