Both countries "agreed to continue working to strengthen trade ties and develop joint projects that benefit both economies," the Argentine presidency said in a statement after the meeting, which took place on the sidelines of the G20 summit in Rio de Janeiro.

According to the Argentine presidency, Xi "extended a formal invitation to President Milei to visit China and, in return, President Milei extended a formal invitation to President Xi to visit Argentina," with both sides' teams to work on plans for the trips.

China is Argentina's second biggest trading partner after Brazil, according to official data.

During his election campaign last year, Milei had said: "I will not do business with China, I will not do business with any communist."

However, the former economics professor has adopted a more measured stance in recent months, especially after Beijing in June agreed to extend a currency swap worth billions.

Argentina is also a part of China's Belt and Road Initiative (BRI), a huge infrastructure plan launched in 2013 by Xi.

"China is a very interesting trade partner. They don't demand anything, all they ask is not to be disturbed," Milei said in September.

Xi said Tuesday that China was willing to "continue financial cooperation with Argentina, helping Argentina to maintain economic and financial stability," Chinese state-run Xinhua news agency reported.

"China is willing to continue promoting high-quality joint construction of the 'Belt and Road' with Argentina, and to deepen cooperation in energy, mining, infrastructure, agriculture, scientific and technological innovation, digital economy and other fields," Xi said, according to Xinhua.

Milei also met separately Tuesday with International Monetary Fund chief Kristalina Georgieva and Indian Prime Minister Narendra Modi.