As External Affairs Minister S Jaishankar held talks with his Chinese counterpart Wang Yi in Bali on Thursday, China said the situation at the border is "stable" and both the countries have the capability and willingness to safeguard peace and stability in the border areas.

Jaishankar on Thursday held talks with his Chinese counterpart Wang in Bali with a focus on "specific outstanding issues".

During one-hour meeting in Bali on the sidelines of a conclave of foreign ministers of the G20 nations, Jaishankar conveyed to his Chinese counterpart the need for an early resolution of all outstanding issues along the Line of Actual Control in eastern Ladakh, and asserted that bilateral ties should be based on mutual respect, mutual sensitivity and mutual interest.

Asked for details of the Jaishankar-Wang talks, Chinese Foreign Ministry spokesman Zhao Lijian told a media briefing the information will be released in due course.

"Like you I am closely following the meeting we will release information in due course. Please stay tuned," he said.

He said, "we have also noted the relevant reports of Jaishankar's briefing".

"I can tell you that the overall situation at the India-China border area is stable," he said.

"The two sides have agreed to follow the important consensus reached by the two leaders in accordance with the treaties and agreements signed by both the sides to properly resolve the relevant issues in the western sector of our border with the principle of equality and security," he said.

"China and India are each other's important neighbours. We have the capability and willingness to safeguard peace and stability around our border areas," he said.

In New Delhi, the Ministry of External Affairs (MEA) said Jaishankar reaffirmed the importance of "fully abiding" by bilateral agreements and protocols, and the understandings reached between him and Wang in their previous conversations.

"The External Affairs Minister (EAM) called for an early resolution of all the outstanding issues along the LAC in Eastern Ladakh," the MEA said in a statement.

It was the first meeting between the two foreign ministers since Wang visited India on March 24 and 25.

The border standoff between the Indian and Chinese militaries erupted on May 5, 2020, following a violent clash in the Pangong lake area.

The face-off escalated after the Galwan Valley clashes on June 15, 2020. Both sides gradually enhanced their deployment by rushing in tens of thousands of soldiers as well as heavy weaponry.

As a result of a series of military and diplomatic talks, the two sides completed the disengagement process last year in the north and south banks of the Pangong lake and in the Gogra area.