Prime Minister Wen Jiabao and his Indian counterpart Manmohan Singh also agreed to push Indian exports to China in an effort to bridge a current trade surplus estimated at 20 billion dollars a year in China's favour.
The talks came on the second day of Wen's visit -- his first to India in five years -- for which he led a delegation of 400 Chinese business leaders.
Trade between the world's two fastest-growing major economies totalled 42 billion dollars last year and is expected to reach 60 billion dollars in the current fiscal year to March.
"There is enough space in the world for the development of both India and China and indeed, enough areas for India and China to cooperate," the two sides said in a joint communiqué after the meeting.
Since arriving in India, Wen's delegation has struck deals worth 16 billion dollars in a range of sectors from finance to power generation.
For all the focus on trade, the communiqué made no mention of any breakthrough on a host of sensitive bilateral issues that have prevented India-China relations from casting off years of suspicion and mutual distrust.
One constant thorn has been a bitter and seemingly intractable dispute over areas of their common Himalayan border, which triggered a brief but bloody war in 1962.
Thursday's meeting only managed to reaffirm a commitment to resolving the issue -- already the subject of 14 rounds of fruitless talks -- at "an early date".
"The two sides shall work together to maintain peace and tranquility in the border areas in line with previous agreements," the joint statement added.
Other sensitive issues include China's close ties with Pakistan and New Delhi's concerns that a Chinese dam on the Brahmaputra river in Tibet could disrupt water supplies downstream in India.
Singh had also been expected to seek a Chinese pledge to stop issuing special stapled visas to Kashmiris visiting China -- a practice India views as a denial of its sovereignty over the disputed Himalayan region.
Speaking to reporters before his meeting with Singh, Wen said he wanted to reach an "important strategic consensus" during the visit.
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