China and India agreed Thursday to regularize their exchange of high-level visits and inaugurate a package of other measures to enhance bilateral ties.

Reflecting their strategic and cooperative partnership for peace and prosperity, "the two sides decided to establish the mechanism of regular exchange of visits between Heads of State/Government," said a joint communique released after Chinese Premier Wen Jiabao held talks here with Indian Prime Minister Manmohan Singh.

The two leaders welcomed the opening of the telephone hotline between the Chinese premier and Indian prime minister, and agreed on regular consultations on issues of importance to both sides, the document added.

Meanwhile, the two sides also endorsed the launching of a mechanism of annual exchange of visits between their foreign ministers, according to the joint communique.

In addition, the two Asian neighbors agreed to initiate a strategic economic dialogue to enhance macro-economic policy coordination, and pledged concerted efforts to expand exchange and cooperation in trade, education, culture, environmental protection among other fields.