Skip to main content

China urges India to join efforts to create ‘mega regional market

China on Tuesday floated the idea of creating a “mega regional market” with India to mine existing advantages and create new ones within two of the world’s fastest growing economies.
“China and India have different political systems but practise market economy. These are the only two countries with more than 1 billion people each. There is huge potential in (creating) market demand, further (creating) international market demand at a deeper level and at a mega regional level,” said Li Wei, president of the Development Research Centre (DRC) of the State Council (China’s cabinet).
Enhanced cooperation between China and India, Li said, will be a win-win situation and help expand the two markets.
Li, who was speaking at the third round of dialogue between the DRC and India’s NITI (National Institution for Transforming India) Aayog, referred to India’s demographic advantage, its efficiency in the software industry and low labour costs as being complementary to China’s experience in developing infrastructure and lifting hundreds of millions of people out of poverty.

In his speech, NITI Aayog vice chairman Rajiv Kumar said India was in position to take over as a driver of high growth for the next three decades.
“I think now perhaps all of us agree that given the circumstances globally and in Asia, maybe India can take over the baton of higher growth from China for the next 30 years,” he said.
“Now, India must follow suit. For that we need to focus on and achieve higher rate of growth of employment,” he said. “It is imperative that the two countries work together and help each other to grow further.
“While you (China) are vacating those spaces, India would do well to invite Chinese investment so that those spaces we can fill and generate employment,” Kumar said.

The DRC-NITI Aayog dialogue provides “an important platform for both sides to discuss key macro-economic issues impacting both countries and areas of mutual interest”, an Indian embassy statement said.

Comments

Post a Comment

Popular posts from this blog

Ukraine crisis: Exchange of hundreds of prisoners takes place

Ukrainian President Petro Poroshenko attends a ceremony to welcome prisoners of war (POWs), released after the exchange with pro-Russian separatists, upon their arrival at an airport in Kharkiv, Ukraine December 27, 2017. (Source: Reuters)  Ukraine and separatist rebels in the east of the country have exchanged hundreds of prisoners, in one of the biggest swaps since the conflict began in 2014. Around 230 people were sent to rebel-held areas in return for 74 prisoners who had been held by pro-Russia rebels in the Donetsk and Luhansk regions, BBC reported on Wednesday. It was the first swap in 15 months. The release and exchange of prisoners was one of the points in the Minsk peace agreement, signed in 2015. The deal has stalled since and analysts say the swap does not signify wider progress. Both sides continue to hold other prisoners. The number of prisoners swapped was lower than initially announced after dozens of people who were meant to be returned to rebel-held terr...
Post a Comment
Read more

As many as 12 killed in New York’s deadliest fire in decades

More than 160 firefighters helped bring the blaze under control. (Source: Fire Department New York/Twitter) A massive fire ignited accidentally by a three-year-old boy swept through a five-story apartment building in New York, killing at least 12 people including a toddler and injuring four others in the deadliest blaze to hit the city in decades. The fire broke out around 6:50 pm (local time) yesterday on the first floor of the Prospect Avenue apartment in the Bronx borough of the city and spread quickly, officials said, adding that the cause of the blaze is under investigation. “We found that this fire started in a kitchen on the first floor,” fire commissioner Daniel Nigro said. “It started from a young boy, three and a half years old, playing with the burners on the stove. The fire got started, the mother was not aware of it – she was alerted by the young man screaming.” The boy’s mother fled with her two children, leaving the door to the apartment open – allowing t...
Post a Comment
Read more

Over 1 lakh illegal immigrants arrested in US in 2017

On January 25, Trump issued an executive order to set forth the Administration’s immigration enforcement and removal priorities. (Representational Image) The US authorities have arrested 143,470 illegal immigrants this year, according to a latest report. US Immigration and Customs Enforcement said in its annual report that it has made 143,470 administrative arrests in fiscal year 2017, increasing 30 per cent Year-on-Year, Xinhua news agency reported on Wednesday. An administrative arrest is the arrest of an alien for a civil violation of the immigration laws, which is subsequently adjudicated by an immigration judge or through other administrative processes. Of the total arrests, 110,568 occurred after January 20, which is a 42 per cent increase over the same time period last year, according to the report. US President Donald Trump took the oath of office on January 20 this year. On January 25, Trump issued an executive order to set forth the Administration’s immigrat...
Post a Comment
Read more