"Our trade relations are developing, developing successfully ... The attention that the governments of the two countries on both sides are paying to trade and economic ties is yielding results," Putin said at the meeting in the Kremlin.
He also said Russia and China have developed "large-scale plans" for economic and other projects.
"Chinese-Russian relations are at an unprecedentedly high level," said Li, who earlier had met with his Russian counterpart, Prime Minister Mikhail Mishustin.
Wednesday's meeting took place as Russia struggled to push back a Ukrainian incursion into the Kursk region now in its third week. And overnight, Moscow experienced one of the largest waves of drone attacks on the Russian capital since the start of the Ukraine conflict.
Russian news reports did not indicate whether Putin and Li discussed Ukraine.
China has tried to position itself as neutral in the Ukraine conflict, but it shares with Russia high animosity toward the West.
After Western countries imposed heavy sanctions on Russian oil in response to Russia sending troops into Ukraine in February 2022, China strongly stepped up its purchase of Russian oil, increasing its influence in Russia.
Putin underlined the importance of China by meeting in Beijing with Chinese leader Xi Jinping soon after being inaugurated for a fifth term in the Kremlin.
A US intelligence assessment released this year indicates that China has significantly increased sales to Russia of machine tools, microelectronics and other technology Moscow uses to produce missiles, tanks, aircraft and other weaponry.
