Chinese President Xi Jinping held talks with visiting Russian President Vladimir Putin in Shanghai on Tuesday.

At the start of the talks, Xi extended a warm welcome to Putin on his China visit, his first since Xi took office.

Recalling their last meeting in Sochi during the Winter Olympics in February, Xi said the meeting had made full arrangements for China-Russia ties and also marked a good start for relations this year.

Various cooperation committees and departments of both countries have actively implemented the results of the Sochi meeting, Xi said, adding the efforts had laid a solid foundation for his Shanghai meeting with Putin.

Xi said he will sign a "substantial" joint statement with Putin aimed at expanding cooperation in all fields and coordinating diplomatic efforts to cement the China-Russia all-round strategic partnership of cooperation.

They will also witness the signing of a range of important cooperation agreements and contracts, Xi said, adding that Putin's current trip will be very fruitful.

"Further facilitating the China-Russia all-round strategic partnership of cooperation based on common interests is a requirement for promoting international fairness and justice, maintaining world peace, and realizing prosperity in both countries," he said, adding that the partnership is also an "inevitable choice" for the development of a multi-polar world.

Calling China the largest trading partner of Russia, Putin said bilateral trade volume hit nearly 90 billion U.S. dollars last year.

Hailing the sound momentum of two-way trade this year, Putin said he believes bilateral trade volume will total 100 billion U.S. dollars by 2015.

He urged closer cooperation in the areas of aviation, aerospace, industrial production, energy and culture.

Putin said China-Russia cooperation, including in the United Nations, has become an important factor for global peace and stability.

He also called for both countries to strengthen coordination in the Shanghai Cooperation Organization.

The Russian president arrived in Shanghai on Tuesday to start his state visit to China and attend the fourth summit of the Conference on Interaction and Confidence Building Measures in Asia.