During the discussion, Modi told the Xi-led Chinese delegation that the two countries can get the world out of major problems as they represent around 40 per cent of the world's population.
"We(India and China) have the responsibility to work for 40 per cent of the world population, this means trying to successfully get the world rid of many problems. To work together towards this is a big opportunity for us," Modi said.
Modi also told Xi that he will be happy to host the next informal summit in India next year.
"I hope such informal summits become a tradition between both the countries. I'll be happy if, in 2019, we can have such informal summit in India," he added.
Modi also emphasised on people to people relationship between India and China.
"The people of India feel really proud that I'm the first Prime Minister of India, for whom, you (Chinese President) have come out of the capital twice to receive me", Modi told Xi.
Earlier on Friday, PM Modi was warmly received by Xi on his arrival at Hubei Provincial Museum in China's Wuhan. The two leaders also had a one-on-one meeting during which they exchanged views on solidifying our bilateral relationship.
The talks between the two leaders will be more substantive on Saturday with a walk by the East Lake, a boat ride and discussion at the East Lake guesthouse, which was once Mao Zedong's private villa.
The share market of India witnesses steep rise as the two leaders sit on their first one-on-one talks after the Doklam tension. Sensex witnessed a rise of 300 points and reached 35,000 mark. Nifty too witnessed a rise of 82 points.
India and China, who fought a brief war in 1962 and have a history of mutual distrust, nearly came to an armed conflict near their border in 2017, taking their ties to a new low.
However, the rendezvous between Modi and Xi at the heart of China was a sign enough that the two countries were willing for a new start in their tense relationship.
The meeting was an offshoot of Xi-Modi discussions just after the resolution of the Doklam crisis on the sidelines of BRICS Summit at Xiamen in China.
(With inputs from IANS)