Russian Federation and China should continue to strengthen coordination on major worldwide and regional issues, jointly deal with the challenges of unilateralism and protectionism and maintain global peace and stability.
Putin warned that there was a significant risk looming on the global system for nuclear arms control which could break down. It envisages the two countries halving the number of strategic nuclear missile launchers by February 5, 2018.
The Russian leader conceded that his country and the United Kingdom had gone through "difficult times in bilateral relations", but added that they "co-operate quite well in many areas". They discussed joint efforts to resolve the crisis in Syria and attempts to stabilize the situation in Venezuela, Putin said.
Peace concerns are not alien to Donald Trump, Putin said indicating that the USA leader appeared to be anxious about the growing arms race in the world during their latest conversation.
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Vladimir Putin has said he hopes the United Kingdom and Russian Federation could "turn the page" on their relationship under Theresa May's successor. The Russian leader said the decision to leave the key Cold War arms-control agreement would "undermine strategic stability".
The St. Petersburg International Economic Forum was established in 1997 and has been formally organized by the Russian presidential administration since 2006.
Putin also touched upon the US policy on Iran saying it was causing discord.
"This is natural", said Putin.
"We need to forget about all this in the final analysis", said Putin.
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Pompeo and Trump have called for the START treaty to be expanded to include China, which has already rejected the idea.
In a letter to Trump on Wednesday, senior Democrats in Congress urged him to extend New START through to the end of 2026.
"If no one feels like extending the agreement - New START - well, we won't do it then".
In his talks with Putin, Xi noted that this is his first state visit to Russian Federation following his reelection as Chinese president a year ago, and is the eighth time he traveled to the country since 2013.
"When it comes to creating hyper (sonic) weapons, we have overtaken our competitors".
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Russian President Vladimir Putin said yesterday that his USA counterpart Donald Trump has told him he does not want a costly arms race, urging the American leader to take "practical" steps to prevent a key nuclear pact from lapsing in 2021.