The US president has also threatened to extend his punitive tariffs to all Chinese imports if face-to-face talks with Xi, planned for November 29 in Buenos Aires, Argentina, fail to break the deadlock on trade.
The Trump administration this year has already imposed tariffs on $250 billion in trade with China and is threatening to impose tariffs on all remaining imports from China, which last year were worth $505 billion.
The telephone conversation on Thursday was Trump and Xi's first publicly disclosed call in six months.
Trump made no mention of whether the two leaders talked about the US indictment unveiled Thursday of two companies based in China and Taiwan accusing them of stealing trade secrets from a USA semiconductor company, Micron Technology Inc.
"Dollar moderation, the stabilising trade relationship between U.S. and China and more stimulus from Beijing will be the key ingredients to revive market confidence in Asia".
Attorney General Jeff Sessions, center, announces the creation of a new initiative to crack down on Chinese intelligence officials pilfering intellectual property from USA corporations during a press conference in Washington, Nov. 1, 2018.
Afterward, Trump described the conversation as "long and very good" and said in a tweet that their discussions on trade were "moving along nicely".
"The economic teams of the two countries should strengthen contact, conduct consultations on issues of mutual concern, and push for a mutually acceptable solution to China-US economic and trade issues", Xi said.
Some slam video of cop killer tweeted by Trump as racist
Trump and the Republicans have spent weeks appealing to the racist, anti-immigrant fears of his base ahead of the election. That video was timed to the one-year anniversary of Mr Trump's inauguration and meant to promote his immigration agenda.
Trump said he and Xi plan to meet during a gathering of the Group of 20 major economies this month in Argentina. "Also had good discussion on North Korea!"
Although U.S. -China relations have been rocky, Keqiang said he is optimistic both nations can work together in the spirit of mutual respect.
"Both leaders attach great importance to China-U.S. ties and economic ties", Lu said. In response, Beijing said it would impose taxes on 5,207 USA imports worth about $60 billion. But Kudlow cautioned that Trump would "aggressively" pursue his agenda against China, if no deals were reached on intellectual property theft, cybersecurity and tariffs on commodities, among other issues.
Tennessee Senator Lamar Alexander told Li that the delegation was there "to show our respect to a great country and a great people".
According to a report by state broadcaster CCTV, Li said China and the USA had benefited from cooperation, and that they should respect each other's core interests and concerns.
Alexander said he would be discussing trade with Li, though neither of them mentioned the ongoing tariff war in remarks in front of reporters.
The comment comes days after he warned he would impose tariffs on all China's shipments to the United States before saying he thought he could "make a great deal with China" but it was not yet ready. And they're having a hard time, and they'll be fine. I think we have a long way to go.