Prime Minister Manmohan Singh and Chinese Premiere Wen Jiabao have signed a six page joint statement that both leaders described as a shared vision of the twenty first century.
For the Indian delegation the centerpiece of the joint statement seems to be a mention that there will be civil nuclear cooperation between the two countries.
The statement though says nothing about what position China would take at the Nuclear Suppliers Group on the Indo-US nuclear deal.
When India's Foreign Secretary Shiv Shankar Menon was asked whether China will support India on the nuclear deal at the NSG, he replied that India is not asking the question right now, but China's pledge of bilateral cooperation is a positive sign.
The joint statement also says that the India-China relationship is not targeted at any other country, and that China supports India's aspirations to play a greater role in the United Nations, including in the Security Council.
On the other hand India has reiterated the fact that it would continue to abide by its one China policy.
The boundary talks have not made any visible progress but Dr Manmohan Singh has called them useful, and both sides say, peace will be maintained on the borders until a settlement is reached.
PM talks business
The most concrete progress seems to be on the business front; bilateral trade will now target $60 billion by 2010. The earlier target was $40 billion.
An announcement is also expected allowing India based Jet Airways to use Shanghai as a transit hub.
After official level talks with his counterpart Wen Jiabao Dr Manmohan Singh said: ''A high end business forum will be created. The commerce ministers have been given authority to study feasibility of regional trading arrangement or RTA, and the second round of India-China military exercises to be held in India this year.''
Earlier on Monday, Prime Minister Manmohan Singh who is on a three-day visit to China also addressed the India-China economic summit.
Singh spoke of increasing trade to China but also hinted that it needed to simplify rules and regulations governing trade.
He also continued on his theme that the two countries could both compete and cooperate.
The PM has urged Indian business to diversify its ''export basket '' to China.
He also said that the Indian and Chinese government should work together to ''remove administrative barriers and simplify regulatory regimes.''
The PM has said both countries should develop a strategic plan for the future so that there is a vision for ''economic cooperation.''
He further said both should learn from each other's markets and management styles, and that competition is not inconsistent with co-operation.