'India and China are partners in development' | SupportBiz

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'India and China are partners in development'

 
Asserting that India and China are not rivals, Chinese Consul General Niu Qingbao said that both countries are rather partners in development. "China and India have been in the news for many years, first because both are fastest-growing major economies, which lead some to predict that we will dominate the world. We have border disputes that had resulted in what strategists term as 'unavoidable confrontation' or 'rivalry' between us," Niu said while addressing a seminar.

He was speaking at 'Emerging partnership between China and India' at a seminar on 'Doing business with China' organised by the Confederation of Indian Industry (CII), Pune Zonal Council.

"I wish to stress that China and India are not on the path of rivalry. China and India are the largest trading partners of each other in South Asia. Last year, our bilateral trade totalled USD73.9 billion, 20 percent more than 2010 and 25 times that of 2000," he said.

Niu said that on the investment front, Chinese companies have invested a total USD589 million in India, and India Inc has invested USD450 million in China as of March 2012. Indian investment in China has been highly profitable, he said.

He stressed the role that the governments of both nations need to play - a more constructive and mediator's role - for the mutual development of both the countries. He dwelt upon thrust areas, which could proliferate in China if given the right impetus.

Speaking at the session, Deputy Director, Trade Development Bureau, Ministry of Commerce, People's Republic of China, Miao Huawei, said that China and India are both enjoying fast economic growth and are two big emerging economies in the world.

"Both the countries complement each other in bilateral trade, especially in the IT field. While China does well in hardware, India takes the lead in the software services in the world. Both need each other to make an impact," Miao said.