Russia's annexation of Ukraine's Crimea region in March 2014 led to a serious rift between Moscow and the West and its subsequent turn toward its eastern neighbor.
There is no end to the development of China-Russia relations, Xi said, adding that China would like to make joint efforts with Russia to bring more benefits to the people of both nations.
"In recent years, thanks to your direct participation, the relationship between Russia and China has reached an unprecedentedly high level", the Russian president said.
Xi and Putin are due on Thursday to attend the opening of the Saint Petersburg International Economic Forum.
Mr Putin's foreign policy aide Yury Ushakov said the visit was "a crucial event for our bilateral relations".
Recognizing that the current worldwide security is facing serious challenges, China and Russian Federation intend to deepen strategic mutual trust and strengthen strategic coordination to firmly safeguard global and regional strategic stability, according to the joint statement. He will have talks in the Kremlin with President Vladimir Putin before attending a formal reception and in the evening he will attend a night out at the Bolshoi theatre.
Bilateral trade increased previous year by about a quarter to a record US$108 billion (S$147 billion).
"Despite all the difficulties, China became a significant creditor and rather significant investor" in Russian Federation at a time when many other investors preferred to pack their bags.
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The signing ceremony coincided with the first global video call, using Russia's 5G network, connecting St. Petersburg and the Finnish capital, Helsinki. "Those animals are a national symbol of China, and we appreciate this token of friendship", Putin said.
Nevertheless, China's share in Russian foreign trade has almost doubled since then, he added.
Xi did not directly address the effects of higher USA tariffs, but said total imports and exports were up by 4.3 percent year-on-year, while China's foreign exchange reserves continued to top $3 trillion.
Wu Hongwei, a researcher of China-Russia relations at the Chinese Academy of Social Sciences, said the two countries share the same position on building a more stable and multipolar world, and they have sent such signals through supporting and coordinating with each other on worldwide occasions.
"The positions of Russian Federation and China are very close or coincide completely on most worldwide issues", including the North Korean nuclear programme, the Venezuelan crisis and the Iran nuclear deal, Mr. Ushakov said, adding that all these issues would be discussed during the talks.
The economic penalties, which the West has redoubled, forced the Kremlin to seek out new partners to fill the shortfall in foreign money coming from Europe and the United States.
Xi's visit comes as Russian Federation attempts to bolster ties with China at a time of highly strained relations with the United States.
His remark is seen as implicit criticism of the U.S. as Beijing and Washington are sharply divided on trade issues.