Both agreed that meetings on the lines of the Wuhan summit will determine the future direction of India-China relations.
Gokhale said Modi and Xi were of the view that Special Representatives on border talks from both countries will have to intensify their efforts to seek a fair, reasonable and mutually acceptable settlement. New Delhi also opposes China's infrastructure investments in South Asia, particularly in Pakistan-administered Kashmir, which India claims as its own sovereign territory.
The two leaders agreed that the informal summit offered an opportunity for direct, free and candid exchange of views and chose to hold more such dialogues in the future.
"Both the leaders are trying to find ways to communicate to each other and I have no doubt that this will have positive impact on India-China relations and on moving ahead on a number of issues", the top Indian diplomat said.
"As the two largest developing countries and emerging-market economies with a population level of more than one billion, China and India are the backbone of the world's multi-polarization and economic globalization", he said.
In 2017, Indian and Chinese armies were locked in a 73-day stand-off at Doklam in the Sikkim sector along their border.
According to the report, an official source said on condition of anonymity, that the decision was made during an informal summit between India's Prime Minister Narendra Modi and Chinese President Xi Jinping.
Modi said his talks with President Xi focussed on diverse areas of India-China cooperation.
The incident deepened strategic mistrust between the two giant neighbours, which were already saddled with simmering disputes along their 4,000km-long common border.
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A crisis was averted in August when the two nuclear-armed nations pulled back. This will be the first such project in the war-ravaged country by India and China.
Terming the informal meeting between Mr. Xi and Mr. Modi "a success and a milestone", Mr. Kong said, this meeting was not meant to solve specific problems, but the main aim was to strengthen communication exchanges, provide strategic guidance to the relations, and increase mutual trust between the leaders.
Earlier in the day, Prime Minister Modi and Chinese President Xi walked together along the banks of the picturesque East Lake and followed it up with a boat ride.
"Both countries adhere to peaceful negotiation on boundary issues", he said.
The leaders "exchanged views on bilateral relations, and worldwide and regional issues of common concern Saturday morning in a relaxed, friendly atmosphere", China's state news agency Xinhua said.
Modi will be traveling to China again in June for a summit of the eight-member Shanghai Cooperation Organization dominated by Beijing and Moscow.
With China facing a potential tariff war with the United States, Beijing and New Delhi could find common ground on global trade, Pant added.
Other longtime sore points between the two governments include China's ardent backing of Pakistan, India's arch rival, and New Delhi's sheltering of the Dalai Lama, the exiled Tibetan spiritual leader whom Beijing considers a separatist traitor.