The Maldives is best known for its tourist industry but also straddles major international shipping lanes, and Chinese investment there has grown significantly as Beijing tries to secure vital trade routes.
In a joint statement, the two countries also said they agreed to cooperate on security issues -- a potentially sensitive issue in a region traditionally dominated by India.
"The Maldives welcomes and supports the proposal put forward by China to build the 21st Century Maritime Silk Road, and is prepared to actively participate in relevant cooperation," the statement said.
Xi is the first Chinese head of state to visit the Maldives since the former British protectorate gained independence in 1965.
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It is his second meeting with President Abdulla Yameen in a matter of weeks, following their talks last month in the Chinese city of Nanjing.
India has regarded China's growing influence among its neighbours with concern, leading new Prime Minister Narendra Modi to prioritise regional relationships which critics say the previous government neglected.
A Maldivian government source said before the meeting that Male was keen to avoid upsetting regional superpower India by bringing up sensitive security issues, since New Delhi considers the islands to be within its sphere of influence.
The proposal called for increased maritime cooperation between China and Southeast Asian nations, and for China to work with partners to develop ports and other maritime infrastructure.
"I am confident that this is the beginning of an era of heightened and sustained cooperation between the Maldives and China," Yameen said.
Yameen also secured Chinese support for an ambitious project to build a road bridge between central Male island and nearby Hululle island, where the international airport is located.