Wuhan (China), Apr 30 (Zee News): Prime Minister Narendra Modi and Chinese President Xi Jinping have reached a 'broad consensus' during their informal summit in Wuhan, the Chinese Foreign Ministry has said in a statement released early on Monday morning.

The statement, which seemed to be a reproduction of a report in the state-owned news agency Xinhua, said the two leaders had agreed to maintain "strategic communication" at various levels and that they had the "maturity" to "properly manage and control" their differences. The informal summit between Modi and Xi has been seen as a thaw in relations between the Asian giants since the Doklam standoff.

For China, the meeting held another significance. Beijing has, in peak irony for international relations, emerged as the loudest proponent of globalisation and open trade. This unlikely thing has happened due to the rising protectionism in the West combined with the fact that these countries are the top markets for China. The Modi-Xi meet was expected to help affirm that India stands by China in its newfound role as the defender of free markets.

Here is the text of the statement put out on the Modi-Xi meeting by China's Foreign Ministry:

"Both sides share the view that the international landscape is undergoing profound changes, the relative power of countries is heading towards greater balance, and peace and development represent an irreversible trend. One the other hand, the world is faced with rising instability and uncertainty. China and India, as celebrated civilizations, the two biggest developing countries and two emerging economies each with a population of over one billion, are important countries with strategic autonomy. A peaceful, stable and balanced relationship between China and India is an important positive factor for the stability of the world. The two countries will work together to enhance stable and balanced development of major-country relations, advance stability, development and prosperity of Asia in the 21st century, promote the rejuvenation of the oriental civilization and make a positive contribution to global peace and development.

Both sides take the view that China and India are neighbors, friends and partners. The development of both China and India is a prevailing trend of history and offers important opportunities to each other. Both China and India stand for an independent policy of peaceful development. Both sides agree that the two countries will continuously enhance mutual trust, carry forward the fine norms enshrined in the Five Principles of Peaceful Co-existence, a stellar example of joint initiatives by the two countries, and blaze a broad path of friendly cooperation between two great neighboring countries, a path that can best meet the needs of the times.

Both sides agree to advance all-round cooperation and strengthen the China-India Closer Developmental Partnership in an equal-footed, mutually beneficial and sustainable manner to support their national modernization. Guided by the leaders of the two countries, they will strengthen dialogue in political, security and other areas to have full and timely communication on major issues of mutual interest to enhance understanding and expand consensus so that the China-India relationship will always keep to the right direction. They will tap into the full potential of business and investment cooperation, set new targets, harness positive forces, and explore new ways of cooperation to achieve win-win results. Building on the profound cultures of the two great oriental civilizations and harnessing the rich human resources of their combined population of 2.6 billion, the two sides will work to create a new boom in cultural exchanges by promoting people-to-people links and unleashing the vitality of the two emerging economies. For this to happen, the two sides agree to establish a high-level cultural and people-to-people exchange mechanism.

Both sides agree to properly manage and control their differences. Both sides have the maturity and wisdom to handle their differences through peaceful discussion and by respecting each other's concerns and aspirations. They agree to use the Special Representatives' Meeting on the Boundary Question to seek a fair, reasonable and mutually acceptable settlement. The two militaries will strengthen confidence-building measures and enhance communication and cooperation to uphold border peace and tranquility.

Both sides agree to promote more active regional and international cooperation. They agree to join hands in offering innovative and sustainable solutions to global challenges such as epidemics, natural disasters, climate change and terrorism. As two major countries in Asia, China and India will use their political influence and economic power to reinvigorate regional economic development. The two countries will work together to make international relations more democratic, increase the representation and say of developing countries and emerging markets, support the multilateral trading regime, oppose protectionism and work for an open, inclusive, balanced and win-win economic globalization that benefits all.

Both sides agree to instruct their competent departments to work out specific plans and measures to implement the above consensus, and, building on the informal summit, endeavor to open new prospects in China-India relations.

Both sides agree that the leaders of the two countries will continue to maintain strategic communication in various forms."