Modi, Xi for building open, multipolar, pluralist global economic order

Prime Minister Narendra Modi and Chinese President Xi Jinping have underlined the importance of building an open, multipolar, pluralist and participatory global economic order which will enable all countries to pursue their development and contribute to the elimination of poverty and inequality in all regions of the world.

According to a statement by the Ministry of External Affairs, the two leaders, who met at an two-day informal summit in the central Chinese city of Wuhan, agreed that India and China have separately made major contributions to global peace and prosperity through their respective growth and economic development, and would continue to act as engines for global growth in the future.

"They reiterated the importance of building an open, multipolar, pluralist and participatory global economic order which will enable all countries to pursue their development and contribute to the elimination of poverty and inequality in all regions of the world," the statement said.

Modi and Xi also agreed that as two major countries and emerging economies, India and China, given their vast developmental experiences and national capacities, should join hands to take lead in offering innovative and sustainable solutions to challenges faced by humankind in the 21st century.

"These include combating diseases, coordinating action for disaster risk reduction and mitigation, addressing climate change and ushering digital empowerment. They agreed to pool together their expertise and resources in these areas and create a global network dedicated to these challenges for the larger benefit of humanity," the statement said.

Praising the "forward-looking" dialogue, the two leaders said it raised the level of strategic communication about the perspective, priorities and vision that guide their respective policy choices domestically, regionally and globally.

"It also helped them in forging a common understanding of the future direction of India-China relations built upon mutual respect for each other's developmental aspirations and prudent management of differences with mutual sensitivity," it added.