BEIJING (AP) — Russian President Vladimir Putin met Friday with his Chinese counterpart, Xi Jinping, in a state visit ahead of a summit featuring their two countries and six Asian states.

Following a formal state welcome at the Great Hall of the People in central Beijing, Putin met first with Premier Li Keqiang before his talks with Xi.

In opening remarks, Putin told Li that Russia-China trade and economic ties have "gained a good tempo, and we are looking for new spheres of cooperation."

Li said bilateral trade is expected to reach $100 billion this year and voiced readiness to expand cooperation in both traditional and new spheres, including nuclear energy.

Russia and China have responded to the U.S. national security strategy describing them as America's top adversaries by vowing to further expand their economic, political and military cooperation.

They have also sought to strengthen the Shanghai Cooperation Organization, a regional grouping they created, which meets this weekend.

Further underlining the relationship's importance, the visit marks Putin's first overseas trip since he began his new term in office a month ago. He and Xi have met 25 times — five times last year alone, according to Putin's foreign affairs adviser, Yuri Ushakov.

However, despite the closeness in political and security relations, economic ties have lagged.

Bilateral trade shrank from nearly $100 billion in 2014 to some $60 billion the following year due to a sharp depreciation of the Russian currency. It has since partly recovered as the ruble has strengthened, reaching nearly $90 billion last year.

Russia has also increasingly turned to China as a market for its energy exports and a source of investment in infrastructure projects.