Saudi Crown Prince's two-day visit comes almost three years after Prime Minister Narendra Modi's visit to Riyadh in April 2016.
Hailing the rapid development of cooperation in various fields, Wang said that the ties between China and Saudi Arabia feature mutual respect, mutual understanding and mutual support.
Xi told the crown prince the two countries must strengthen worldwide cooperation on de-radicalisation to "prevent the infiltration and spread of extremist thinking", Chinese state TV reported.
India and Saudi Arabia also called upon all countries to renounce the use of terrorism as an instrument of state policy.
The China trip was part of the Saudi royal's Asian tour after visiting Pakistan and India earlier this week.
'Empire' actor turns self in to face charge
The allegations that Smollett orchestrated the attack created outrage among everyone who paid attention to the case. It would be a crime to report such a beating to police as a real attack, as authorities allege Smollett did.
Chinese Foreign Ministry Spokesman Geng Shuang said the two-day visit of Muhammad Bin Salman to Beijing would seek to promote the greater development of Sino-Saudi relations and deepen cooperation on China's ambitious Belt and Road global trade infrastructure initiative.
Earlier this month, Saudi Minister of Energy, Industry and Mineral Resources Khalid bin Abdulaziz Al-Falih told Xinhua news agency that "major investment" between the two countries is just starting.
Riyadh initially denied the murder, then gave several conflicting accounts of Khashoggi's death, and now claims he was killed in an unauthorized operation that did not involve Mohammed.
China has refrained from faulting Saudi Arabia over issues such as the war or killing of the journalist, in keeping with its long-held tradition of non-interference in other countries' affairs.
China has traditionally played little role in Middle East conflicts or diplomacy, despite relying on the region for oil, with Iran its fourth largest supplier previous year, but has been trying to raise its profile, especially in the Arab world. "It has no enemies and can co-operate with all countries in the region", said the paper, published by the ruling Communist Party's official People's Daily.
"Many Arab countries are also concerned with Islamist political groups. and see these as ideological threats to their governments", he said.