President Xi Jinping on Wednesday told business leaders in the US that China is "ready to be a partner and friend of the United States," hours after a highly-anticipated meeting with his US counterpart Joe Biden.

If one country sees the other as a main competitor and most consequential geopolitical challenge, "this will only lead to wrong policymaking, misguided actions and unwanted results," he told a dinner in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation summit.

Chinese and US officials had announced a host of agreements after the talks between the two leaders at the luxury Filoli Estate, starting with the reactivation of a high-level military hotline.

"We should build more bridges and pave more roads for people-to-people interactions," Xi told an audience of around 400 business leaders, government officials and academics.

"We must not create various obstacles or create a chilling effect," he added.

Among those on a guest list seen by AFP news agency were Apple CEO Tim Cook, Laurence Fink of BlackRock and Pfizer CEO Albert Bourla.

Meanwhile, Xi told the event – organised by the US-China Business Council and National Committee on US-China Relations – that Beijing wants to invite 50,000 young Americans to the country on exchange and study programmes over the next five years.

It also said that it was ready to further cooperation on panda conservation, though no new animal loans were promised. (AFP)