Economic Affairs Secretary Shaktikanta Das held high level talks with his Chinese counterpart.
Beijing:
China and India held their 8th high-level Financial and Economic Dialogue here to strengthen trade and economic cooperation between the two Asian economies.
India's Economic Affairs Secretary Shaktikanta Das accompanied held talks with his Chinese counterpart, Vice Minister for Finance Shi Yaobin.
The annual dialogue is aimed at facilitating exchange of ideas and status updates on common macroeconomic policies and problems faced by India and China. This year's dialogue is being held ahead of the G20 summit in China next month and the BRICS summit in October in India.
In his address Mr Das said that bilateral ties between India and China had witnesses all round progress and both countries attached great importance to strengthening their relations.
"It is very important to point out that the idea of inclusiveness has been retained and has been given greater focus in G20 agenda under Chinese Presidency. The world is at a critical stage and innovation and the new industrial revolution will be key drivers to give momentum for growth to the world economy," Mr Das said.
"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," Mr Das added.
Chinese Vice Minister for Finance Mr Shi said emerging economies like India and China face greater pressure than others.
"The global community keeps bad mouthing emerging economies here and there. India and China need to build more solidarity, air common voice, urge developed countries to adopt more responsible macroeconomic policies and lay the foundation for enabling global economic recovery."
He said both the counties should adopt more pragmatic and open approach to explore more areas bilateral, fiscal and financial cooperation.
"Our combined population is over 40 per cent of global population. In 2015 total GDP of the two countries occupy 18.5 per cent of the global GDP. We are enjoying great market and development potential however by the end of 2015 our bilateral trade reached only 71.62 billion dollars and China's investment in India is about 4.07 billion dollars. India's investment in China is only 650 million dollars. This data could hardly match good relations and potential and state of economies," Mr Shin said.
India's Economic Affairs Secretary Shaktikanta Das accompanied held talks with his Chinese counterpart, Vice Minister for Finance Shi Yaobin.
The annual dialogue is aimed at facilitating exchange of ideas and status updates on common macroeconomic policies and problems faced by India and China. This year's dialogue is being held ahead of the G20 summit in China next month and the BRICS summit in October in India.
In his address Mr Das said that bilateral ties between India and China had witnesses all round progress and both countries attached great importance to strengthening their relations.
"It is very important to point out that the idea of inclusiveness has been retained and has been given greater focus in G20 agenda under Chinese Presidency. The world is at a critical stage and innovation and the new industrial revolution will be key drivers to give momentum for growth to the world economy," Mr Das said.
"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," Mr Das added.
Chinese Vice Minister for Finance Mr Shi said emerging economies like India and China face greater pressure than others.
"The global community keeps bad mouthing emerging economies here and there. India and China need to build more solidarity, air common voice, urge developed countries to adopt more responsible macroeconomic policies and lay the foundation for enabling global economic recovery."
He said both the counties should adopt more pragmatic and open approach to explore more areas bilateral, fiscal and financial cooperation.
"Our combined population is over 40 per cent of global population. In 2015 total GDP of the two countries occupy 18.5 per cent of the global GDP. We are enjoying great market and development potential however by the end of 2015 our bilateral trade reached only 71.62 billion dollars and China's investment in India is about 4.07 billion dollars. India's investment in China is only 650 million dollars. This data could hardly match good relations and potential and state of economies," Mr Shin said.
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