The two ministers talked about bilateral economic cooperation, G20 and BRICS (Brazil, Russia, India, China and South Africa) as well as global macroeconomic situation, a statement from the Indian embassy in Beijing said.
Mr Jaitley, who arrived in Beijing on June 23, is scheduled to attend the annual Financial Dialogue at the ministerial level with Mr Lou on June 27.
The dialogue at the level of finance secretaries has been postponed to July because of inability of India’s Economic Affairs Secretary Shaktikanta Das to travel to Beijing for the meeting. Mr Das was asked to stay in Delhi to deal with implications of the Brexit vote for India.
India and China have so for had seven rounds of financial dialogue at the level of finance secretaries, the last being held in New Delhi in 2014.
Before he met Mr Lou today, Mr Jaitley attended the annual Board of Governors meeting of Asian Infrastructure Investment Bank here, in which India is the second-largest shareholder after China.
The Beijing-based AIIB was officially established late last year.
Mr Jaitley is on a five-day visit to China.