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It will accelerate implementation of transportation and infrastructure projects, hi-tech projects and beyond, Phuc said.

In the next five years, China will adhere to a path of innovative, coordinated, green, open and shared development, and will encourage a system that nurtures innovation, he said.

"There are two or three very important items that India and China can work on: green infrastructure, financing infrastructure, transnational infrastructure and regional trade agreement," he said.

The two sides have agreed to jointly take action to promote steady development of economic and trade relations by expanding bilateral trade, expanding market access, deepening local cooperation and reinforcing multilateral and regional coordination, according to a ministerial meeting held here on Tuesday.

This year's G20 summit, the 10th of its kind since 2008, comes as the world economy is still being held back by slow and uneven recovery and shortfalls in demand, investment and infrastructure.