They also agreed to meet on the sidelines of the Group of 20 summit meeting in Buenos Aires, Argentina, at the end of the month.
The world's two biggest economies are locked in a dispute over USA complaints that China is using predatory tactics in a drive to supplant American technological dominance.
"The sound and stable growth of China-U.S. relations serves the common interests and the fundamental interests of the people of our two countries", Li said.
Xi on Thursday said he looks forward to meeting with Trump at the G20 in Argentina, according to China's state media.
Mr Trump has asked key U.S. officials to begin drafting potential terms, according to the report.
"The issues driving the China-US trade tensions are complicated and contentious, which makes it incredibly hard to believe that substantive progress was made during this phone call", Boltansky said.
Trump said in a television interview on Monday he thinks there will be "a great deal" with China on trade, but warned that he has billions of dollars worth of new tariffs ready to go if a deal isn't possible. 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. 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.
His critics say Trump also gave away too much to North Korean leader Kim Jong Un in negotiations over Pyongyang's nuclear weapons program, with little to show in exchange, and was too conciliatory toward Russian President Vladimir Putin at their summit in Helsinki.
Despite the positive message from Beijing, analysts were more pragmatic about what could be achieved by the leaders' meeting given the two sides' huge differences on strategic and ideological issues, as well as the growing hostility towards China in the United States.
This story has been published from a wire agency feed without modifications to the text.
Bloomberg News, citing unnamed sources, reported that the president has requested key cabinet secretaries put together an outline deal to call a ceasefire in the painful row.
"We are not on the cusp of a deal", Kudlow said.
"They want to make a deal so badly".
In their May telephone conversation, Xi and Trump set out to resolve their trade disputes, but the talks ended in stalemate and the first tariffs followed just weeks later.
"Frankly, the principal culprit is China", he said.
On Thursday Chinese Premier Li Keqiang also told a group of visiting USA politicians that China and the United States could overcome their differences and get relations back on track if they worked together in a spirit of mutual respect.