According to Mr Xu Shaoshi, Chairman, National Development and Reforms Commission (NDRC) China, India and China, as the only two rapidly growing major economies, need to maintain high growth rates to lift global growth. Mr. Xu was speaking at a special session organized by the Confederation of Indian Industry (CII) in New Delhi.
Mr. Xu stated that India and China were cooperating in various fora such as G-20 to find ways to boost overall global economic growth. The forthcoming BRICS meeting in Goa would develop a set of recommendations on this, he added. Mr Xu is leading the delegation for the fourth India-China Strategic and Economic Dialogue, which is accompanied by close to 200 business members in addition to the official team. Select members participated in the CII interaction.
On the bilateral front, Mr. Xu felt that India and China need to step up investments. The Working Groups of the India China Strategic Economic Dialogue met on October 6 and recommended closer cooperation in areas such as high speed railways, port dredging, highways, renewable energy, and pollution control, among others.
In the area of high speed railways, he stated that the upfront studies have been completed for the Delhi – Chennai route and that a feasibility study will be undertaken for the Delhi – Nagpur route.
Dr. Arvind Panagariya, Vice Chairman, NITI Aayog, stated that India needs to learn from China and develop coastal economic zones as China has done in Shenzhen. He was of the view that China and India were once again regaining their lost glory in the world.
Dr. Naushad Forbes President, CII, suggested that the two countries should open Centres for Indian Studies in China and Centres for Chinese Studies in India to strengthen mutual understanding.
Mr. Chandrajit Banerjee, Director General, CII stated that economic engagement between India and China has deepened. Top Chinese companies are now looking at India as a major investment destination, he added.
October 7, 2016