The Chinese President, who spent around six hours engaging with PM Modi during their second informal summit on Friday and Saturday in Tamil Nadu's Mahabalipuram, proposed a six-point formula for the continuous development of ties without letting the differences disrupting the relations.
They should also prudently deal with issues concerning each other's core interests, and for problems that can not be resolved at the moment, they should properly manage and control them, Xi said.
"If we can speak on the basis of larger concerns between us, then it would be a significant voice that would be heard on the global stage, of two of the largest countries in the world working together", he said.
To solve the boundary issue, the two countries should seek a solution that is fair, reasonable and acceptable to both sides, he said.
In pursuit of their efforts to further deepen economic cooperation and to enhance their closer development partnership, the two leaders have chose to establish a High-Level Economic and Trade Dialogue mechanism with the objective of achieving enhanced trade and commercial relations, as well as to better balance the trade between the two countries.
China claims some 90,000 square kilometers (35,000 square miles) of territory in India's northeast, while India says China occupies 38,000 square kilometers (15,000 square miles) of its territory on the Aksai Chin Plateau in the western Himalayas.
China and its ally Pakistan have been angered by India's decision two months ago to revoke the special status for the part of Kashmir it controls, which was accompanied by a crackdown on dissent.
Replying to a query, Gokhale said: "Kashmir issue was not raised and discussed at the informal summit".
Chinese President Xi Jinping's short visit to India will come to an end this afternoon after attending the lunch hosted by PM Modi.
This topic also figured in India's press statement, which stated that both leaders felt that terrorism "continues to pose a common threat".
India was the first non-Communist country to recognise the newly founded People's Republic of China (PRC) on April 1, 1950. He said the next few years would be critical for the two countries. China hopes to develop itself well and India well. They were of the view that India and China share the common objective of working for a peaceful, secure and prosperous world in which all countries can pursue their development within a rules-based global order.
They did however agree to step up their efforts so "that the worldwide community strengthens the framework against training, financing and supporting terrorist groups throughout the world", said the Indian statement.