MOSCOW — President Vladimir V. Putin of Russia said on Sunday during a visit to China that he would meet President Trump “as soon as the American side is ready” but insisted Russia was in no hurry to win readmission to the Group of 7 nations because it already belongs to a Chinese-led grouping that he described as more important.

Putting a brave face on a failed effort by Mr. Trump to have Russia readmitted to the world’s most exclusive diplomatic club, Mr. Putin said the G-7, which ended a cantankerous summit meeting on Saturday in Canada, represented fewer people and had less economic heft than the Shanghai Cooperation Organization.

Mr. Putin was speaking at the end of the Shanghai grouping’s annual meeting of leaders in the Chinese port city of Qingdao. The Shanghai organization, which Beijing began in 2001 as an alternative to American-dominated diplomatic groups, includes China, Russia, India, Pakistan and the nations of Central Asia.

These nations have more people, more land and, Mr. Putin said, more economic power when output is calculated by purchasing power parity, than the Group of 7, a grouping of American allies, mostly in Europe. The G-7 countries used to dominate the world economy, but lost their edge as China and India surged and Europe and Japan stagnated.