Chinese authorities have revealed more details about the meeting between President Xi Jinping and his U.S. counterpart Donald Trump in Buenos Aires.

Chinese State Councilor and Foreign Minister Wang Yi said at a press briefing that the meeting reached an important consensus and charted a course for China-U.S. relations.

The closely-watched meeting was the first face-to-face one between the two heads of state since Trump's visit to China in November of last year.

State Councilor and Foreign Minister Wang Yi says in a friendly and candid atmosphere, the two presidents had profound discussions that lasted for two-and-a-half hours, much longer than scheduled.

Xi-Trump meeting reaches important consensus and charts the course for China-U.S. relations. [Photo:IC]

"The two presidents reached important common understanding and the meeting certainly has "charted the course for China-U.S. relations in the some time to come. President Xi pointed out as two major countries, China and the U.S. shoulder increasing responsibilities for world peace and stability and that cooperation is the best option for both sides. The two presidents agreed that the two countries "can and should" ensure success of China-U.S. relations and that coordination, cooperation and stability should be the defining features of bilateral relations."

He went on to say that the two presidents agreed to keep close contacts with each other through visits, meetings, telephone calls and correspondences to continue providing guidance for bilateral ties and to have further exchange of visits at an appropriate time.

According to Wang Yi, the two leaders had very positive and constructive discussions over trade and economic issues during their working dinner.

"The two sides also agreed to stop imposing additional tariffs. A series of constructive proposals have been put forward on properly resolving existing differences and problems. China will expand imports according to the domestic market and people's needs, including importing more marketable products form the United States to gradually ease imbalances in the two-way trade. The two sides also agreed to open markets to each other and China will, in the process of its further opening-up, work to gradually address the legitimate concerns of the U.S."

Also present at the briefing was Vice Minister of Commerce, Wang Shouwen, who expounded on the three achievements made during the two leaders' meeting.

"First, the U.S. government has decided to maintain the tariff on the 200 billion US dollars worth of Chinese goods at 10% starting from Jan. 1, 2019, instead of the previously planned 25%. Second, both sides have determined not to impose additional tariffs on other products. Third, as for the current 25% tariff, both sides will step up negotiations toward the removal of it and reach an agreement."

Wang Yi said the consensus will not only benefit the development of China and the U.S. and the welfare of the two peoples, but also be conducive to the global economy's stable growth.

Other agreements were made on enhancing cooperation on law enforcement and combating illicit drugs.

The Chinese side also reiterated its stance on the Taiwan question, and the U.S. side said it will continue to adhere to the one-China policy.