Russia's Putin welcomes Chinese leader to twin summits, says they can solve problems together

Russian President Vladimir Putin, right, welcomes Chinese President Xi Jinping prior their talks during the summit in Ufa, Russia, Wednesday, July 8, 2015. Ufa hosts SOC (Shanghai Cooperation Organization) and BRICS (Brazil, Russia, India, China and South Africa) summits. (Alexander Nemenov/Pool photo via AP) (The Associated Press)

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Russian President Vladimir Putin, right, and Chinese President Xi Jinping smile prior their talks during the summit in Ufa, Russia, Wednesday, July 8, 2015. Ufa hosts SOC (Shanghai Cooperation Organization) and BRICS (Brazil, Russia, India, China and South Africa) summits. (Alexander Nemenov/Pool photo via AP) (The Associated Press)

Russian President Vladimir Putin, right, and Chinese President Xi Jinping, left, pose for a photo prior their talks during the summit in Ufa, Russia, Wednesday, July 8, 2015. Ufa hosts SOC (Shanghai Cooperation Organization) and BRICS (Brazil, Russia, India, China and South Africa) summits.(Host photo agency/RIA Novosti Pool Photo via AP) (The Associated Press)

UFA, Russia – Welcoming China's leader to two summits in the Russian city of Ufa, President Vladimir Putin says Russia and China can overcome their countries' difficulties by working together.

Putin and Chinese President Xi Jinping both arrived Wednesday in Ufa for summits of the BRICS trade group and the Shanghai Cooperation Organization.

The summits, held 1,170 kilometers (725 miles) east of Moscow, come as the Russian and Chinese economies are undergoing major strains. Russia's economy has contracted and its currency has sunk due to the fall in world oil prices and Western sanctions over the Ukraine crisis. China, after a yearslong bull market, has seen its benchmark stock index drop some 30 percent in the past month.

Putin said "combining efforts, no doubt we will overcome all the problems before us."