Chinese President Xi Jinping and Indian Prime Minister Narendra Modi continue their informal meeting in Chennai, India, Oct. 12, 2019. (Xinhua/Xie Huanchi)

CHENNAI, India, Oct. 12 (Xinhua) -- Chinese President Xi Jinping and Indian Prime Minister Narendra Modi have agreed here to enhance economic ties and boost people-to-people exchanges between the two countries, a senior Chinese diplomat said on Saturday.

The two leaders agreed to establish a high-level economic and trade dialogue mechanism between China and India, in a bid to further strengthen bilateral cooperation in trade and investment and push forward their economic and trade relations to develop in a more balanced way, Vice Foreign Minister Luo Zhaohui told reporters here following the second informal meeting between Xi and Modi.

Luo said that the two leaders agreed to designate the year of 2020 as the China-India year of cultural and people-to-people exchanges, and hold 70 events to mark the 70th anniversary of China-India diplomatic ties next year.

At the invitation of Modi, Xi arrived in the southern Indian city of Chennai Friday afternoon for a two-day informal meeting with Modi.

The first informal meeting between the two leaders took place in China's central city of Wuhan in April last year.