Xi Jinping called Bill Gates "an old friend" and said he hoped they could carry out activities together beneficial to both China and the United States, in the Chinese president's first meeting with a foreign entrepreneur in years.

In a meeting at Beijing's Diaoyutai state guesthouse, where China's leaders have historically received senior foreign guests, Xi told the Microsoft co-founder and philanthropist that he was very happy to see him after three years and described Gates as the first American friend he had met this year.

"I often say the foundation of U.S.-China relations lies with its people. I place my hopes on the American people," a video published by state broadcaster CCTV showed Xi as saying.