Briefing reporters, external affairs ministry spokesperson Syed Akbaruddin said the talks covered "virtually everything in terms of comprehensiveness" and also other matters of interest to the two countries.
This was the first contact between the two governments after the Indian general election and after the Narendra Modi-led National Democratic Alliance government assumed office.
Akbaruddin said the Chinese minister was "effusive in his praise for the new government".
"He (the Chinese minister) said the new Indian government has injected new vitality into an ancient civilisation. He said the international community was closely following the developments in India, and China too was eager to engage," Akbaruddin said.
Akbaruddin quoted Wang as saying that Chinese and Indian dreams "have a lot of commonalities" and China welcomes the development of India.
Possibilities of increasing Chinese investment in India were discussed and both sides felt there was tremendous untapped potential in economic relations.
Wang will meet President Pranab Mukherjee and Prime Minister Narendra Modi on Monday.