The Chinese president also described China's relationship with Russia as "more solid" than before and said that the future prospects look "even brighter."
Putin, for his part, said that "cooperation is developing successfully on all fronts." He particularly highlighted "new opportunities" in digital innovation and AI.
The statements came at the two-day summit of the Shanghai Cooperation Organization (SCO), which began on Monday in the Kyrgyz capital Bishkek. The organization is celebrating its 25th anniversary.
Other participating leaders include Iran's Masoud Pezeshkian, Turkey's Recep Tayyip Erdogan, India's Narendra Modi and Pakistan's Shehbaz Sharif.
After four and a half years of war in Ukraine, Russia is increasingly economically dependent on China. Western countries have urged Beijing to put pressure on Moscow to end the war.
Kremlin spokesman Dmitry Peskov told Russian media that Putin and Xi only discussed the war in Ukraine "in passing."
Putin is also expected to speak privately with Masoud Pezeshkian during the summit.
Russia and Iran - both of which are subject to a long list of sanctions - have deepened their military and economic ties since the Russian invasion of Ukraine began.
