BEIJING, October 18. /TASS/. Chinese President Xi Jinping has called Russian President Vladimir Putin his "old friend" during expanded talks in Beijing.

"Dear President Putin, my old friend, we welcome your participation in the Third Belt and Road Forum for International Cooperation," he said, addressing the Russian leader.

"Mutual participation in major diplomatic events hosted by the two parties is our great long-term tradition," Xi added.

The Third Belt and Road Forum for International Cooperation, which is taking place in Beijing on October 17-18, has brought together over 4,000 people from over 140 countries. Russian President Vladimir Putin arrived in China as the forum’s chief guest.

The Belt and Road Initiative is a concept proposed by Chinese President Xi Jinping in 2013. The goal is to intensify international trade and investment projects involving a large number of nations along with the use of Chinese and foreign capital. Over 150 countries and 30 international organizations have already joined the initiative.