Xi added that he and Trump have agreed to promote steady, sound and sustainable development of bilateral ties and bring more peace, prosperity and progress to the world.

Reviewing the history of China-US relations, Xi said that the key to the steady development of bilateral relations lies in whether the two sides can uphold mutual respect, peaceful coexistence and win-win cooperation.

The China-US relationship concerns the well-being of more than 1.7 billion people in both countries and affects the interests of over 8 billion people across the world, Xi noted. "Both sides should rise up to this historic responsibility and steer the giant ship of China-US relations forward steadily and in the right direction," he said.

Trump, in his toast, thanked Xi for the gracious reception accorded to him. He described the day as "fantastic" and the visit as important, adding that both sides engaged in positive and constructive conversations.

The people of the US and China share mutual appreciation and respect, and their friendship goes back a long way, Trump said.

He said the relationship between the US and China is the most consequential bilateral relationship in the world and that, together, the two countries have the opportunity to create a better future for the world.