In a late Friday night phone conversation with PM Manmohan Singh, China's new premier Li Keqiang said China and India were the "two largest Asian powers…and emerging economies."

State-run Xinhua quoted Li as saying: "The two countries, by enhancing their cooperation, can expand their space for development, and increase common interests so as to facilitate a sustainable economic and social development and help the world order and system advance in a just and reasonable direction."

"China will, as always, attach great importance to its relations with India, and would like to work with the country to promote their relations of strategic cooperation and partnership to a new stage," Li was quoted as having said.

Singh, according to media, said bilateral ties over the past few years have seen a comprehensive development and continuous progress in cooperation and exchanges in various fields.

On Saturday, China appointed new finance, commerce, foreign and defence ministers as part of the country's new state council or cabinet. Lou Jiwei, Gao Hucheng, Wang Yi and Chang Wangquan were appointed in the four ministries respectively.

Four new vice-premiers and five new state councillors were also appointed. The new vice-premiers appointed were Zhang Gaoli, Liu Yandong, Wang Yang and Ma Kai.