Leaders of the U.S. and China have concluded their first virtual summit meeting on Tuesday, where they agreed in principle that the world's two superpowers must avoid conflict and jointly seek ways of coexistence.

In his opening remarks, U.S. President Joe Biden told Chinese President Xi Jinping that both had a responsibility to ensure that the rivalry between their nations did not "veer into open conflict."

Biden expressed hope for a candid and forthright discussion, calling to set a commonsense guardrail. He stressed that they should be clear and honest on disagreements and work together where interests intersect, such as climate change.

Referring to Biden as his "old friend," Xi called for increased communication and cooperation, saying they need to respect each other, while seeking peaceful coexistence and mutually beneficial cooperation.

Xi added that the two sides should each run domestic affairs well, while sharing the global responsibility of working together to advance world peace and development.

The two-session, nearly 200-minute online meeting was the first summit between the two leaders since Biden became U.S. president in January this year. The presidents had engaged in two phone talks, but neither was billed as a "summit" amid rising tensions on various issues, including trade, military aggression and human rights.