Saudi Arabia signed 35 economic cooperation agreements with China worth a total of $28 billion at a joint investment forum during the visit, Saudi state news agency SPA said.
"China is a good friend and partner to Saudi Arabia," President Xi Jinping told the crown prince in front of reporters.
"The special nature of our bilateral relationship reflects the efforts you have made," added Xi, who has made stepping up China's presence in the Middle East a key foreign policy objective, despite its traditional low-key role there.
The crown prince said Saudi Arabia's relations with China dated back "a very long time in the past".
"In the hundreds, even thousands, of years, the interactions between the sides have been friendly. Over such a long period of exchanges with China, we have never experienced any problems with China," he said.
Crown Prince Mohammed, who has come under fire in the West following the murder of Saudi journalist Jamal Khashoggi at the kingdom's Istanbul consulate in October, said Saudi Arabia saw great opportunities with China.
"The Silk Road initiative and China's strategic orientation are very much in line with the kingdom's Vision 2030," he said according to SPA, referring to Saudi Arabia's sweeping economic reform programme.