Chinese President Xi Jinping hailed progress in bilateral cooperation over recent months as "fruitful" when meeting with US President Barack Obama on Friday on the sidelines of the G20 summit in St Petersburg.

This is their second meeting in three months after in-depth discussions at the Annenberg estate meeting in California in June.

"Since the Annenberg estate meeting, the two countries have closely collaborated with each other to implement the consensus reached," Xi said.

Xi said both countries also "harvested fruitful results" in the fifth round of the China-US Strategic and Economic Dialogue (S&ED) — a two-day event in Washington in July — and witnessed an improvement in relationships between their militaries.

Currently the China-US relationship is maintaining a good momentum of development, Xi said.

"We agreed to continue to build a new model of great power relations based on practical cooperation and constructively mending differences," Obama said.

"We welcome the peaceful rise of China," he said.

The countries made progress on cooperation on climate change and strengthening military-to-military ties to ensure awareness and "avoid potential conflict and miscommunication", Obama said.