India, China Hold High Level Meeting On Economic Cooperation
The Dollar Business Bureau
In order to bolster their trade and economic cooperation, India and China held their 8th edition of high-level Financial and Economic Dialogue in Beijing.
Shaktikanta Das, Economic Affairs Secretary of India held discussions with his counterpart from China, Shi Yaobin, Vice Minister for Finance.
The aim of this yearly dialogue is to facilitate exchange of ideas and information related to mutual macroeconomic policies and hurdles faced by India and China. The dialogue, this year, is being organised ahead of the next month G-20 Summit to be held in China and the BRICS summit to be held in India in October.
In his statement, Das said that bilateral relations between India and China had observes all round development and the two countries attached key importance to bolster their ties.
“It is very crucial to note that the inclusiveness idea has been retained and this has been provided major focus in the agenda of G-20 under Presidency of China. The world going through a critical phase and the innovation and new industrial revolution will be the major drivers that can provide impetus for growth to the global economy,” said Das.
“May I reiterate, we, in India attack high priority to bilateral relations with China, and we are confident that we will strengthen modalities of cooperation in major facets of economic and bilateral relations,” he added.
Shi said that emerging countries such as China and India face greater pressure compared to others.
Both the nations have to adopt more open and pragmatic approach to discover more areas for financial, fiscal and bilateral cooperation.
“The combined population of India and China is more than 40 percent of world population. In 2015, combined GDP of both the countries make up 18.5 percent of the world’s GDP,” Shin said.
We are enjoying a huge potential in the market and development. However, by the end of last year, bilateral trade between the two countries reached just $71.62 billion and investment from China in India is around $4.07 billion. India's investment in China is only 650 million dollars. These figures could barely match good ties and state and potential of countries," he added.