Chinese President Xi Jinping, following his summit with U.S. President Donald Trump in the southern port city of Busan, said the two leaders had reached a consensus on bilateral trade issues and expressed hope that they would not fall into a vicious cycle of retaliation.

According to China's state-run Xinhua News on Thursday, Xi said in Busan that given their nations' differing conditions, he and Trump do not always see eye to eye, but that such friction is standard between the world's two leading economies.

In the face of challenges, Xi said he was ready to work with Trump on a solid foundation for the bilateral ties and a sound atmosphere for development on both sides.

The Chinese president said the two had engaged in an in-depth exchange of views on important economic and trade issues and reached a consensus on various issues.

Xi said the two leaders agreed to maintain regular interactions and that Trump, who plans to travel to China early next year, had invited him to visit the United States.