Xi welcomed Putin with a ceremony at the Great Hall of the People on Wednesday.
The two delegations later held bilateral talks, to be followed by a ceremony for signing co-operation agreements.
Putin's visit comes just days after Trump's own trip to Beijing - in a sequence that is meant to cement Beijing's image as an influential superpower, experts say.
"The message is clearly one that China maintains friendship and strategic partnership with whichever power it likes, and the USA is just one of them," said Steve Tsang, director of the SOAS China Institute at the University of London.
Russian presidential aide Yuri Ushakov said earlier that there was "no connection" between Trump and Putin's visits, noting the trip by the Russian leader was agreed several days after Putin and Xi spoke via videoconference on February 4.
The Russian and Chinese leaders are set to discuss energy and security as well as their overall ties.
The two sides agreed to extend a friendship treaty first signed in 2001, Chinese state media reported.
China became Russia's top trading partner following after Moscow's full-scale invasion of Ukraine in 2022.
Beijing has said it is neutral in the conflict while maintaining trade ties with the Kremlin despite economic and financial sanctions by the US and Europe.
China is the top customer for Russian oil and gas supplies, and Moscow expects the war in Iran to increase the demand. China also has ignored demands from the West to stop providing high-tech components for Russia's weapons industries.
Ushakov said Russia's oil exports to China grew by 35 per cent in the first quarter of 2026 and that Russia is one of the biggest exporters of natural gas to China.
During "the crisis in the Middle East," Russia remains a reliable energy supplier and China is a "responsible consumer," Ushakov said.
Putin noted earlier this month that Moscow and Beijing have reached "a very substantial step forward in our co-operation in the oil and gas sector".
"Practically all the key issues have been agreed upon," he said.
"If we succeed in finalising these details and bringing them to a conclusion during this visit, I will be extremely pleased."
Putin also praised their bilateral relationship as a crucial, balancing force in international relations.
"Interaction between such nations as China and Russia undoubtedly serves as a factor of deterrence and stability," he said.
Moscow welcomes China's dialogue with the US as another stabilising element for the global economy, Putin added.
"We stand only to benefit from this, from the stability and constructive engagement between the US and China," he said.
