US President-elect Donald Trump has held phone talks with Chinese President Xi Jinping. Their agenda included the economy, trade and social media platform TikTok.

The pair spoke on Friday. China's foreign ministry says Xi described the nature of China-US economic and trade relations as "win-win." He also said the two sides should not choose confrontation and conflict.

Xi said Taiwan is a matter that concerns China's sovereignty and territorial integrity. He urged Washington to handle it "with prudence."

The ministry said Xi and Trump agreed to set up a strategic communication channel to discuss key bilateral issues.

The move apparently shows Beijing seeks to build a stable relationship with the incoming US administration.

In a social media post, Trump described the telephone talks as "very good" for both countries.

The incoming president said he expects the US and China to immediately start solving many problems together.

Trump added, "President Xi and I will do everything possible to make the World more peaceful and safe!"

The president-elect also said the two sides discussed trade balance, the drug Fentanyl and TikTok.

Legislation to effectively ban the popular video-sharing app is set to take effect in the US on Sunday, unless China-based parent ByteDance can sell it by then.

On Friday, the US Supreme Court rejected a bid by TikTok to temporarily block the law.