Chinese President Xi Jinping said on Thursday that dialogue and cooperation are the only correct choice for China and the United States.

In the phone talks initiated by U.S. President Donald Trump, Xi said that recalibrating the direction of the giant ship of China-U.S. relations requires the two sides to take the helm and set the right course, adding that it is particularly important to steer clear of the various disturbances and disruptions.

Noting that at the suggestion of the U.S. side, the two countries' lead officials recently held an economic and trade meeting in Geneva, Xi said it marked an important step forward in resolving the relevant issues through dialogue and consultation, and was welcomed by both societies and the international community.

The two sides need to make good use of the economic and trade consultation mechanism already in place, and seek win-win results in the spirit of equality and respect for each other's concerns, he said, adding that the Chinese side is sincere about this, and at the same time has its principles.

The Chinese, Xi said, always honor and deliver what has been promised, urging both sides to make good on the agreement reached in Geneva. In fact, China has been seriously and earnestly executing the agreement, Xi added.

The U.S. side should acknowledge the progress already made, and remove the negative measures taken against China, he said.

The two sides should enhance communication in such fields as foreign affairs, economy and trade, military, and law enforcement to build consensus, clear up misunderstandings, and strengthen cooperation, Xi added.

Xi emphasized that the United States must handle the Taiwan question with prudence, so that the fringe separatists bent on "Taiwan independence" will not be able to drag China and the United States into the dangerous terrain of confrontation and even conflict.

Trump said that he has great respect for Xi, and the U.S.-China relationship is very important.

The United States wants the Chinese economy to do very well, and the United States and China working together can get a lot of great things done, he said.

Trump said the United States will honor the one-China policy.

The meeting in Geneva was very successful and produced a good deal, he said, adding that the United States will work with China to execute the deal.

The United States loves to have Chinese students coming to study in America, Trump said.

Xi welcomed Trump to visit China again, for which Trump expressed heartfelt appreciation.

The two presidents agreed that their teams should continue implementing the Geneva agreement and hold another round of meeting as soon as possible.