Mr Turnbull later told reporters that Australia would be “getting in to deal with the British early” and wanted a “very strong, very open free trade agreement”.
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Xi said China and Australia should respect each others “choices in their development paths and each others core interests and major interests”, the foreign ministry added.
Turnbull said he discussed the South China Sea with Xi, and the importance of complying with worldwide law.
“Today, eight years on, the global economy again has reached a critical juncture”, he said.
Growth momentum was “diminishing” while “the new round of scientific and industrial revolution has just started” and what was required of the G20 was to be an “action team rather than a talk shop”.
“Theresa May said she hopes for a frank and open” relationship with Russian Federation after her first meeting with the country’s leader Vladimir Putin.
Mrs May has blamed her thorough approach for the delay in making a final decision on whether to give Hinkley Point C the go-ahead.
Mr Turnbull said the answer to disenchantment with globalisation was to ensure that all countries cracked down on tax avoidance by multinational corporations.
“That’s a critical element of rebuilding that trust”.
She is also expected to have a brief discussion with Japanese prime minister Shinzo Abe.
He said Australia could be well placed to clinch the first free trade deal once the United Kingdom formally leaves.
On Monday she will also meet Australian counterpart Malcolm Turnbull amid speculation the country could be one of the first in line to sign a trade deal with a post-Brexit UK.
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Security is ultra-tight in the almost-deserted city of Hangzhou, after locals were given $1.5 billion in travel vouchers and factories were shut down to provide cleaner air.
