See More on Facebook

News

China says economic ties with India on the rise

China says it will work to boost cooperative platforms with India to infuse fresh vigour into business, reports China Daily.


Written by

Updated: April 27, 2018

China will work to boost cooperative platforms with India to infuse fresh vigor into business ties and usher in a new phase of cooperation, the Ministry of Commerce said on Thursday.

The ministry made the remark as President Xi Jinping and Indian Prime Minister Narendra Modi prepared to hold an informal meeting in Wuhan, Hubei province, on Friday and Saturday. The two leaders are expected to discuss global issues and exchange views on the overall, long-term and strategic issues of China-India relations.

“China and India both are developing countries and major emerging economies with huge home markets,” said Gao Feng, spokesman for the Ministry of Commerce. “The two countries are highly complementary in terms of economic development models.”

Bilateral trade has been on the rise in recent years. The total trade volume between the two countries was $84.4 billion in 2017, up 20.3 percent year-on-year, setting a record, the Ministry of Commerce said.

Bilateral trade hit $22.13 billion in the first quarter of this year, up 15.4 percent from same period a year ago.

Chinese companies had invested over $8 billion in India by 2017, as the South Asian country became an important infrastructure and investment market for them.

India primarily exports garments, plastics, chemicals, agricultural products, cotton, silver, copper and iron ore to China. China mainly ships electronics, machine tools, automobiles and other transportation products, home appliances, smartphones and construction machinery and materials to India.

Xue Rongjiu, deputy director of the Beijing-based China Society for WTO Studies, said their trade doesn’t involve any significant direct competition.

Though anti-globalization seems to be on the rise and many countries including China and India are suffering setbacks, the future of China-India business ties will be decided by stable political relations, fast-growing service businesses and complementary goods trade, especially in high-tech manufacturing and healthcare sectors, he said.

“Both sides have more space to expand trade and investment and deepen cooperation in such fields as modern agriculture, energy, environmental protection and urbanization in the longrun,” he said.

“China has already offered more market access to Indian companies, from IT and services to pharmaceuticals to Bollywood films,” said Sang Baichuan, director of the Institute of International Business at the University of International Business and Economics in Beijing.

“In addition to jointly ensuring the multilateral trade system, it is also meaningful for the two countries to expand their economic activities, due to the divergence of the structure of products between China and India and their leading economic positions in Asia,” Sang said.

From China Daily.



Enjoyed this story? Share it.


Lamat R Hasan
About the Author: Lamat is an Associate Editor at Asia News Network.

Eastern Briefings

All you need to know about Asia


Our Eastern Briefings Newsletter presents curated stories from 22 Asian newspapers from South, Southeast and Northeast Asia.

Sign up and stay updated with the latest news.



By providing us with your email address, you agree to our Privacy Policy and Terms of Service.

View Today's Newsletter Here

News

HK bans political group, citing its separatist views

The Hong Kong Special Administrative Region government said on Monday it has banned a separatist group that advocates independence. Secretary for Security John Lee Ka-chiu, who made the decision, said the ban on the “Hong Kong National Party” was in accordance with the Societies Ordinance. The ban on the HKNP, effective immediately, was made in the interests of national security, public safety, public order and the protection of the rights and freedoms of others, Lee said. What the HKNP aims to do contravenes the Basic Law and undermines national security, the security chief said. The secretary for security is vested with the power to issue an order to prohibit the operation or continued operation of a society if it violates stipulations in the Societies Ordinance. To achieve its goal of splitting Hong Kong from the country, the HKNP has repeatedly called for the “use of


By Cod Satrusayang
September 26, 2018

News

Climate Change: Four years is all we have

Grim reports on climate change say act now or be ready for catastrophe. Humanity has only about four years left to stabilise global temperatures and save the world from environmental catastrophe stemming from extreme climate change, scientists have warned. After negotiations at this month’s Bangkok Climate Change Conference ended in failure, the world’s leading scientific agencies, the United Nations and environmentalists are urging governments to show greater determination. They want to see more ambitious action to rapidly de-carbonise the global economy and stabilise the temperature at the safest possible level of 1.5 degrees Celsius. They also identified Southeast Asia as a strategic area in the mission to reverse climate change, calling the region not only a major front in the battle against the spreading use of fossil fuels but also one of the locales most vulnerable to the detrimental impacts.An anal


By The Nation (Thailand)
September 17, 2018

News

Trade spat perils put spotlight on need for effective strategies

Chinese experts discuss global trade tensions and policy options to ensure smooth growth of economy. Short-term challenges from the escalating trade spat with the United States have reassured Chinese officials and experts of the need to support market-oriented reform and opening-up, with a particular focus on reducing debt and limiting government intervention. That was the consensus reached by participants at a high-level forum on Sunday, during which policymakers and advisers from home and abroad gathered in Beijing. They discussed global trade tensions and policy options that would ensure smooth growth of the Chinese economy. Reforms should strengthen the market’s decisive role in resource allocation, optimize State-owned enterprises and reduce or eliminate direct subsidies for some industries, said Yang Wei­min, former deputy director of the Office of the Central Leading Group on Financ


By China Daily
September 17, 2018

News

Typhoon Mangkhut leaves behind trail of death and destruction

After killing 64 in the Philippines and pummelling Hong Kong and Macau, the mightiest storm of the year is wreaking havoc in China. Massive landslides killed 64 people while 45 others were missing in this city and in the provinces of Benguet, Mountain Province, Kalinga and Nueva Vizcaya, as Typhoon “Ompong” (international name: Mangkhut) unleashed its fury on Friday night and early Saturday, the Philippine National Police said on Sunday. The PNP said 33 people were injured in the massive storm. The hardest hit province was Benguet, where most of those who died perished in landslides, the PNP said. Power and communication lines were toppled, but some were restored late Sunday in parts of the mountain city and in provinces that were in the path of Ompong as it exited the country on Saturday night. As of 3 p.m. on Sunday, the typhoon was spotted 935 kilometers west-northwest of northern L


By Philippine Daily Inquirer
September 17, 2018

News

I am not impatient to become Prime Minister, says Anwar Ibrahim

Parti Keadilan Rakyat president says relationship with Prime Minister Dr Mahathir Mohammad amicable. Anwar Ibrahim said he has no ulterior motive nor is impatient to be Malaysia’s next Prime Minister. in contesting the Port Dickson seat, but instead wants to help reform Parliament. The Parti Keadilan Rakyat (PKR) president said: “My relationship with Prime Minister Tun Dr Mahathir Mohammad is amicable and I don’t harbour any adverse notion when I decided to contest in a by-election.” Mr Anwar said he had already expressed his intention to contest two weeks ago. “My aim is to make an inroad into Parliament and help my junior peers in drafting policies and legal frameworks for the benefit of the people,” he said when addressing his party members at the Melaka International Trade Centre at Ayer Keroh on Thursday (Sept 13) night. Mr Anwar said he does not m


By The Straits Times
September 14, 2018

News

Beijing, Moscow vow to reinforce military relations

The two nations will continue their military cooperation and explore new possible ways to boost their combat abilities. China and Russia vowed to further deepen military ties and improve their troops’ combat abilities to respond to various security threats, as they formally concluded the “Vostok-2018” strategic drills with a military parade on Thursday. Russian President Vladimir Putin and Chinese State Councilor and Minister of National Defense Wei Fenghe inspected the troops at the Tsugol training range in Russia’s Trans-Baikal region, where the exercise was held. Wei said the drills reflect China and Russia’s confidence and determination to jointly safeguard regional peace and security, and the exercise enhances the two militaries’ ability to respond to multiple security threats. The two sides should further strengthen their strategic cooperation and continu


By China Daily
September 14, 2018