Prime Minister Anthony Albanese has met with Chinese President Xi Jinping on the sidelines of the G20 summit in Bali, but stressed there will be no immediate change to China's position on issues such as trade disputes. 

The last Australian prime minister to hold formal talks with Mr Xi was Malcolm Turnbull in 2016.

"We have had our differences, and Australia won't resile from our interests and values," Mr Albanese told Mr Xi at the start of the meeting. 

"I look forward to a constructive exchange and dialogue today."

The meeting was held at the luxury Mulia Resort in Nusa Dua Bali, down the road from where G20 leaders have been holding talks all day.

"I'm very pleased that we are having this meeting here today," Mr Albanese said.

"It comes at a time of great global uncertainty. We're facing challenges of COVID and the recovery, dealing with climate change, and also supply-chain shocks.

"As we manage these challenges, we need to work towards a stable, prosperous and peaceful Indo-Pacific and an international system that is governed by international law and the principles that are enshrined in the United Nations charter."

The pair shook hands before taking their seats.

"I put forward Australia's position when it comes to the blockages in our trading relationship," Mr Albanese told reporters after the meeting.

"I put forward the differences that we have on human rights issues, including Xinjiang.

"I put forward specifically, as well, the cases of Cheng Lei and Dr Yang [Hengjun]."

On whether China would lift its significant trade tariffs, Mr Albanese said it was too early to know.

"It was not anticipated that a meeting such as that you get immediate declarations," he said.

"I believe if people thought that would happen, then that was not realistic."

Mr Albanese joined other leaders in turning the focus of discussions towards eastern Europe.

"I also put forward our position on Ukraine and asked that China exercise its influence on Russia — specifically about Russia's threats to use tactical nuclear weapons," he said.

"I noticed that China had called that out, and that that is a good thing."

Mr Xi spoke first through a translator during the talks. 

"In the past few years, China-Australia relations have encountered some difficulties, which we do not want to see," Mr Xi said.

"Because China and Australia are both important countries in the Asia-Pacific region, we should improve, maintain, and develop the relationship between the two countries."

And the Chinese leader referred to some of Mr Albanese's past comments.

"You have made a number of remarks on China-Australia relations on a number of occasions, and have repeatedly said that you will deal with China-Australia relations in a mature manner," he said.

"I attach great importance to your opinion."

Mr Albanese harked back to former Labor prime minister Gough Whitlam in his remarks, noting it would soon be 50 years since Australia and China established diplomatic ties.

"In 1972, we agreed on principles to guide the relationship based on equality, mutual respect and benefit and a commitment to coexist peacefully," he said.

"And these principles remain important today."

On Monday, Mr Xi and US President Joe Biden met for three hours on the sidelines of the G20.

Tuesday's meeting with Mr Albanese lasted 32 minutes.

"It ran overtime," the prime minister said.