China, India new engines of world economy- Li
May 20, 2013, 4:38 am

The two sides have set the bilateral trade target to $100 billion by 2015 [Xinhua Images]

“The two countries have the will, wisdom and capability to jointly nurture new bright spots in cooperation among Asian countries, create new engine of the world economy, provide huge growth potential and market demand for Asia and the world, and push forward China-India strategic cooperative partnership for peace and prosperity,” Li said at a meeting with his Indian counterpart Manmohan Singh.

The Chinese premier arrived in New Delhi earlier in the day for an official visit to India, the first leg of his maiden foreign tour after he took office in March.

“I want this visit to show the whole world that the mutual political trust between China and India is rising, practical cooperation is expanding and there are more common interests than differences,” said Li.

The Chinese premier will also visit India’s business capital, Mumbai on Tuesday where industrialists will interact with a 100-member delegation of executives from top Chinese companies.

Bilateral trade between China and India has grown strongly in recent years, with a total volume reaching $66.5 billion in 2012.

China has become India’s second largest trade partner and India is China’s largest trade partner in South Asia.

The two sides have set the bilateral trade target to $100 billion by 2015.

After the meeting, Singh said there is enough space in the world for the common development of India and China, adding that the two countries are partners, not opponents.

Fan He, one of China’s leading economists and a consultant at China’s Ministry of Finance says India-China bilateral or multilateral infrastructure investment funds can be established to invest in such areas as energy, traffic, telecommunication and urban construction.

“With the sharp decline of outbound investment from the US and Europe after the global financial crisis, India has to rely more on South-South cooperation, and China should be its most logical partner,” he wrote for The BRICS Post.

Seeking to allays concerns of China over Tibet, Singh reiterated that India will not allow any anti-China activity to be conducted from its soil.

During his visit, Li will meet Indian prime minister Manmohan Singh, President Pranab Mukherjee and Hamid Ansari, chairman of Rajya Sabha (the Upper House) of India’s Parliament and Vice President.

The two countries are expected to sign a series of agreements on cooperation in trade, agriculture and environmental protection.

TBP with inputs from Agencies