Mr Xi was all smiles as he greeted his Australian guest in the East Hall - one of the many ornate chambers in the Great Hall of the People.
With the Australian and Chinese national flags adorning the walls, the leaders sat on opposite sides of a long polished table, where Mr Xi praised Mr Albanese for fostering stronger ties."The most important thing we can learn from this is that a commitment to equal treatment, to seeking common ground while sharing differences, pursuing mutually beneficial co-operation, for our countries and peoples," he said.
China's president pointed to past meetings as "in-depth discussions on the strategic overarching issues critical to the direction of China-Australia relations"
"With joint efforts from both sides the China-Australia relationship has recovered from the setback and turned around," Mr Xi said.
Tuesday's bilateral meetings with President Xi, Premier Li Qiang and Communist Party Chairman Zhao Leji - the three highest-ranking members of China's ruling committee - mark the centrepiece of Mr Albanese's six-day tour of the Middle Kingdom.
With China and Australia's comprehensive strategic partnership entering its second decade, Mr Xi said he was ready to push the relationship further to reap greater benefits for both peoples.
Mr Albanese was keen to echo his host, adding that he looked forward to working on areas of shared interest such as steel decarbonisation.
"It is my pleasure to meet with you again here today," he said, adding that he "very much" appreciated the Chinese hospitality."I note your comments in your opening remarks about seeking common ground while sharing differences," he said.
"That approach has indeed produced very positive benefits for both Australia and for China."
The meeting comes as the Chinese-Australian free trade agreement passes its 10th anniversary.
Co-operation between the two nations has increased following a falling out during the COVID-19 pandemic.
Mr Albanese is likely to raise Australian concerns over increased Chinese militarism, including Chinese naval exercises off Australian waters, and the detention of Chinese-Australian writer Yang Hengjun.
Beijing's dissatisfaction over Australia's plan to tear up a Chinese-owned company's lease of Darwin Port is also likely to be broached.
An article by a Chinese state media influencer suggested Beijing could restrict Australian imports as retaliation, risking financial blowback for Australian companies.
It comes as Chinese security officials tried to stop Australian journalists, who were travelling with the prime minister's delegation, from leaving a tourist attraction in Beijing after filming in the area.
The group of reporters had permission to film at the location, but were stopped by security officials and were told to hand over footage before police arrived.
The journalists were able to leave the site with the footage, despite being followed by security.
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