Modi and Zhang Dejiang, Chairman of the Standing Committee of the NPC, also emphasised the importance of promoting investment, trade, tourism and people to people ties, and enhancing strategic communication and coordination.
Zhang, who called on Modi, endorsed the view expressed by the Prime Minister during his recent visit to China that whether 21st Century is Asian Century will depend on what India and China achieve individually and jointly.
Noting that parliamentary exchanges are an important pillar of the bilateral relationship, Modi stressed on the need to broaden the foundation of India-China relations by promoting exchanges between State-level legislatures as well, a PMO release said.
"The Prime Minister highlighted the importance of peaceful, stable and cooperative relations between India and China for regional and global peace and prosperity," it said.
Recalling his extremely productive visit to China last month, Modi said that the outcomes of the visit will take the India-China relationship to a new level.
On his part, Zhang said there was a new level of interest about India in China across all sectors, including among the businesses, due to Modi's visit to China and his leadership in India.
Modi and Zhang emphasised the importance of promoting investment, trade, tourism and people to people ties, and enhancing strategic communication and coordination, the release said.
Both the leaders welcomed the renewed focus on India and China's ancient cultural and spiritual ties, highlighted by Prime Minister and President Xi's joint visit to Xian and the joint Yoga Tai-Chi demonstration witnessed in Beijing by Prime Minister and Premier Li.
Modi also welcomed the increase in the number of Chinese visitors to India since the launch of "Visit India Year" in China earlier this year.
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