The informal summit between India and China has led to fresh stability in relation between the two countries and has given it a fresh momentum, said Prime Minister Narendra Modi on the second day of the summit.
"The first informal summit between India and China last year in Wuhan led to fresh stability in our relations and gave a fresh momentum. Strategic communication between our two countries has also increased. The Wuhan summit instilled a new momentum and trust in our relations and today's 'Chennai Connect' is the start of a new era in India-China relations," said Modi.
There have been deep cultural and trade relations between China and the state of Tamil Nadu. For most part of the last 2000 years, India and China have been economic powers, he said.
Responding to the prime minister, Chinese President Xi Jinping said that such informal summits have helped initiate discussions on many issues and he was happy that PM Modi mooted the idea.
National Security Advisor Ajit Doval, External Affairs Minister S Jaishankar and Foreign Secretary Vijay Gokhale were also present during the talks.
Xi said: "We are really overwhelmed by your hospitality. Me and my colleagues have felt that very strongly. This will be a memorable experience for me and us. Yesterday Prime Minister, as you said, you and I had engaged in candid conversations like friends, heart to heart discussions on bilateral relations".
Calling India an important neighbour, Xi said he is looking forward to further discussions and future plans.
The informal talks at the Taj Fisherman's Cove Resort & Spa beach resort lasted for nearly an hour.
Earlier in the day, PM Modi received the Chinese president at the entrance of the resort. The two leaders shook hands and then boarded a battery operated vehicle to reach their informal meeting room. This was followed by delegation level discussions. Nearly 16 people from both the sides participated in the discussions.
PM Modi and Xi arrived at Mamallapuram on Friday for the second informal summit. The first one was held in Wuhan, China last year. Both the leaders spent nearly five hours together on Friday. Indian Foreign Secretary Vijay Gokhale, in a late evening press conference, told the reporters that the two leaders had detailed discussions on varied issues including terrorism, bilateral trade and investments.
Gokale said Modi and Xi were expected to discuss international and regional issues on the second day.
On the trade side, the discussions were expected to be centred around the Regional Comprehensive Economic Partnership (RCEP) and Chinese industries requirements for making investments in India. The bilateral trade between India and China is about $87 billion. The trade deficit is on India's side.
The second informal India-China Summit will end with a lunch on Saturday afternoon and both the sides will be issuing separate statements.
After that, Xi will fly out of India and will head to Nepal.