India, China determined to inject new dynamism into economic ties: PM

Prime Minister Dr. Manmohan Singh on Wednesday said India and China are determined to inject a new dynamism into their bilateral economic relations by working with wider stakeholders.

"Even as Premier Li and I were holding our discussions, the India-China CEOs' Forum was meeting here under the same roof," he said in his statement to the media after delegation-level talks with Chinese Premier Li Keqiang.

Dr. Singh appreciated China's cooperation on Nalanda University.

"To foster mutual understanding, we decided to encourage provincial and sub-regional exchanges, institutionalize the High-Level Media Forum, continue youth exchanges for the next five years and celebrate the year 2014, which is the 60th anniversary of the enunciation of the Panchsheel Principles, as the "Year of India-China Friendly Exchanges"," he said.

Dr. Singh said Premier Li was receptive to his concern about the unsustainable trade imbalance between the two countries, and added that both governments have agreed to explore avenues to bridge this gap.

"We are taking forward the suggestion made by Premier Li in New Delhi for a Chinese industrial park to act as a magnet for Chinese investment in India. We are also exploring the feasibility of the BCIM Economic Corridor connecting our two countries via the southern Silk Road," Dr. Singh said.