In reality, both China and India is trying to clear the disputes and even if it is at snail speed, they are focusing more on trade.
Point is both nations have different objectives and challenges and working against each other will mean unnecessary time investment which is crucial in this century, let's say at least for a decade or two.
No need of chest-thumping and what 1962 was, both nations learned from each other that war is not a good way for nations of size and population of both nations.
The West is more wary of growing economic ties of India and China and constant common grounds coming into picture. Whether it is investment in Africa, Afghanistan, oil from Iran and bilateral trade. This economic zone that can form between both countries will boost each other's growth and hence increase say of both nations at world stage.
If one looks closely, nations are aligning with China or India and Russia becoming a common friend, is creating a new unique block. Its not like NATO. Its more of competing while cooperating with each other to keep third party from competition.
So its time we should look at bigger picture and analyze how much both countries can benefit each other.