Chinese premier bats for balanced trade with India

Observes that IT, pharmaceuticals and agriculture are India's strengths while China has similar strengths in some sectors

Chinese Premier Li Keqiang on Tuesday said China and India could together create a new economic miracle which would prove prosperous for the world.

“As China and India grow, it will lead to a strong Asia, South Asia and the world. It will be the attempt of both the countries to achieve a balanced growth. Although at present, China has a trade surplus, we want to have balanced growth. Both, China and India have already arrived at a strategic consensus and have stepped up efforts to increase political trust in order to increase the two way trade to $100 billion by 2015,” Li said at the business summit here, jointly organised by the Confederation of Indian Industry, Assocham and Ficci.

He noted that currently, China and India are developing countries, but their development would be an exciting development for the world.

“I really wonder that despite each of our two countries having a one billion population and being emerging markets, the combined trade is below $70 billion. China is speeding up efforts to expand trade and investments in India and I know similar efforts are being made by India. I welcome Indian companies to China to make their dream true and also expect Chinese companies to make their investments in India,” Li said. He observed IT, pharmaceuticals and agriculture were India's strengths, while China has similar strengths in some sectors. “Both governments are finding solutions to achieve balanced trade with more participation of business communities and thereby creating a level playing field,” he added. He noted Chinese companies could take part in India's efforts to upgrade its infrastructure.

Li also made a strong pitch for the development of a economic corridor between the two countries, which can be the new engine for growth in South Asia, Asia and the world in general.

The business summit was Li’s last engagement of the day. After arriving here from New Delhi in the afternoon, Li first visited the Tata Consultancy Services (TCS) facility, where he had a video conference with TCS staff in China. He also met Tata Group Chairman, Cyrus Mistry. Later, the premiere headed to the Taj Palace hotel in Colaba, where he met Maharashtra Chief Minister Prithviraj Chavan. The two sides discussed issues related to industries, pharma and infrastructure for nearly an hour.

The Chinese premier will leave for Pakistan  tomorrow.