Trump has said he was open to having a summit with Putin, who USA intelligence officials have said directed Russian meddling in the 2016 election to help Trump win. Such relations have contributed to the building of a new type of global relations and a community with shared future for humanity, Xi said.
Vowing to boost bilateral economic ties, Iranian president said, "Iran is ready to have mutual investment with Pakistan in various fields". "I think the ball is in the Americans' court", Putin was quoted as saying by Interfax.
Italy's new prime minister, Giuseppe Conte, seconded Trump's idea.
"I hope that it will happen, at least we are ready for that and I think that the ball is in the USA court", the Russian president said.
Mr. Putins' comments Sunday came as the G-7 summit wrapped up in Canada with President Trump refusing to sign the joint communiqué, Trump suggesting Russian Federation rejoin the G-7 and the USA presidential openly feuding with Canadian Prime Minister Justin Trudeau.
He said he did not discuss a possible meeting venue with Trump but "many" countries including Austria were keen to help in organising such a summit. "I believe that the ball is in America's court".
As a leader of major country with global influence, President Putin is "an old friend" and "a good friend" of the Chinese people, Xi said.
The Russian leader said he shares concerns that Trump has voiced about a renewed arms race, adding that a thorough discussion is needed to address the issue.
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But the daughter of US Ambassador to Russia Jon Huntsman later apologised on air for what she had said . The meeting has been downplayed by Trump in recent days.
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Putin also said he would be happy to welcome the leaders of G7 to Moscow any time.
Russian Federation was booted from the conference of the world's leading economies after it invaded Ukraine and annexed Crimea in 2014.
"Things happen", Putin said.
He noted that Russian Federation appreciates China's efforts to promote cooperation among SCO members after taking over the SCO rotating presidency and supports China in hosting a successful summit in Qingdao.
Iran's President Hassan Rouhani, whose country is an observer member, also attended the meeting as he seeks Chinese and Russian support following the USA withdrawal from the nuclear deal with Tehran.
Xi and Putin and others pledged their support of the Joint Comprehensive Plan of Action, the 2015 Iranian nuclear deal from which President Donald Trump withdrew the USA last month.
Chinese President Xi Jinping, speaking after Rouhani, expressed "regret" that Washington had withdrawn from the nuclear deal.
"Indeed, we are one hundred percent determined to continue cooperation between China and the European Union, but I can add also with Russian Federation as it belongs to the signatory countries, but also with other partners internationally who are committed to preserve the nuclear deal and its full implementation", the senior EU official said.