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The Chinese economy is strong, and the country’s governance is more efficient than in other countries, Russian President Vladimir Putin said on Monday.

The Russian President further added that China's massive development has been the center of attention of the globe in recent years, while the Asian giant's economy has proven to be superior in terms of effectiveness to other countries.

"China has created a very effective system for developing the economy and strengthening the state. It is much more effective than in other countries," Putin said during an informal meeting with Chinese President Xi Jinping at Russia's Kremlin in Moscow.

"In recent years, China has made a tremendous breakthrough in its development. It causes genuine interest all over the world, and we even envy you a little," he added.

Putin highlighted the balanced relations between the two countries on international issues, confirming that Moscow is aware that China is deeply interested in developing ties with Russia.

"I know that you personally, all our Chinese friends pay great attention to the development of Russian-Chinese relations, take a fair, balanced position on most pressing international problems."

In a ten-year period, both nations were able to expand their cooperation significantly and expand their economic ties to historic levels, the Russian President told Xi, noting that the trade turnover between Russia and China currently sits at nearly $185 billion.

"It is symbolic that exactly 10 years ago we met with you — you made your first visit as Chairman of the People's Republic of China to Russia. During this time, we have made significant steps in the development of our relations."

Referring to the great potential of future relations between both countries, Putin considered that the two countries have many goals of mutual interest.

"We have a lot of joint tasks, goals," Putin said.

President Xi Jinping is on an official 3-day visit to Russia from March 20 to 22; his first foreign trip since he was reelected as China's leader on March 10.

Peace plan

Russia respects China's peace proposal regarding the war in Ukraine and has carefully studied it, Putin told Xi, underlining that Moscow is always ready to engage in negotiations to resolve the conflict.

"We have also carefully read your proposals for resolving the crisis in Ukraine," Putin told China's leader. adding, "We are always open to negotiations. We will certainly discuss all these issues, including your initiatives, which we certainly respect."

Developing mutual relations key interest of China

On his part, Xi said Chinese-Russian relations are bound by history, geography, and most importantly the strategic cooperation between the two nations.

"The Chinese side pays great attention to the development of Chinese-Russian relations, since this has its own historical logic, since we are the largest neighboring countries, we are partners in comprehensive strategic cooperation. It is this status that determines what should be between our country's close relationship," Xi told Putin.

"Thanks to your strong leadership in recent years, Russia has made significant progress in the country's prosperity," he said, adding that he is sure that the Russian leader will garner his people's support during next year's presidential elections.