Page 9 - India China Trade

China beats US to emerge as largest trading partner of India in FY24: GTRI

China has emerged as the largest trading partner of India with USD 118.4 billion two-way commerce in 2023-24, slightly edging past the US, according to the data of economic think tank GTRI. The bilateral trade between India and the US stood at USD 118.3 billion in 2023-24. Washington was the top trading partner of New Delhi during 2021-22 and 2022-23. The data showed that India's exports to China rose by 8.7 per cent to USD 16.67 billion in the last fiscal. The main sectors which recorded healthy growth in exports to that country include iron ore, cotton yarn/fabrics/madeups, handloom, spices, fruits and vegetables, plastic and linoleum. Imports from the neighbouring country increased by 3.24 per cent to USD 101.7 billion. On the other hand, exports to the US dipped by 1.32 per cent to USD 77.5 billion in 2023-24 as against USD 78.54 billion in 2022-23, while imports dipped by about 20 per cent to USD 40.8 billion, the data showed. The Global Trade Research Initiative (GTRI) said

India may permit Chinese electronic firms to invest on a select basis

The Indian govt might consider permitting certain Chinese investments in India, with each venture evaluated based on its individual merit

Putin announces plan to visit China in May, his first trip after poll win

Russian President Vladimir Putin said on Thursday he plans to visit China in May, in what could become the first foreign trip for the Russian leader after he extended his rule by six more years in an election that offered voters little real choice. Putin announced the plans for the visit at a congress of the Russian Union of Industrialists and Entrepreneurs in Moscow. He didn't say when exactly it would take place and didn't offer any other details. Putin's inauguration is scheduled for May 7, Russian lawmakers said earlier this week. Last month, the 71-year-old Russian leader secured his fifth term in office in a vote with no real opposition, extending his 24-year rule. Russia's growing economic and diplomatic isolation because of its war against Ukraine has made it increasingly reliant on China, its former rival for leadership of the Communist bloc during the Cold War. According to a recent US assessment, China has surged sales to Russia of machine tools, microelectronics and oth

China's Sinopec charts global expansion with refinery in India's backyard

India is also deepening its involvement in Sri Lanka's power sector with solar projects and grid connectivity

'Great positive progress' made to resolve border row with India, says China

China and India have made "great positive progress to resolve the border standoff, with both sides maintaining close communication, a senior foreign ministry official said here on Friday. The foreign ministry spokesperson Mao Ning's remarks were further elaboration on China's reaction to Prime Minister Narendra Modi's recent statement in which he said that for New Delhi, ties with Beijing are important and the "prolonged situation" at the borders should be addressed urgently. In an interview with Newsweek magazine, Prime Minister Modi expressed hope that through positive and constructive bilateral engagement at the diplomatic and military levels, the two countries will be able to restore and sustain peace and tranquillity at their borders. "About the border issue, I can tell you that China and India are remaining in close communication through diplomatic and military channels and great positive progress has been made," Chinese foreign ministry spokesperson Mao told a media briefing

Majority of commodities exported to China record positive growth in 2023

As many as 90 principal commodities like iron ore, telecom instruments and electronic components exported to China have recorded a positive growth in 2023 out of the total 161 such goods shipped to the neighbouring country, according to commerce ministry data. These 90 commodities account for 67.7 per cent of India's export basket to China, while 71 products that have registered a negative export growth in 2023 constitute 32.3 per cent, the data showed. There are four commodities level where India has improved its export to China by more than USD 100 million in 2023. They are iron ore (216.8 per cent to USD 3.33 billion in 2023), cotton yarn (542.6 per cent to USD 611.17 million in 2023), spices (19.4 per cent to USD 132.26 million in 2023), and processed minerals (174.19 per cent to USD 129 million in 2023). For another fifteen products, the improvement in exports is in the bracket of USD 10 -100 billion. These goods include marine products, iron and steel, telecom instruments, ..

'Sound and stable ties' serve common interests: China on PM Modi's comment

China on Thursday said that "sound and stable ties" serve the common interests of China and India as it reacted to Prime Minister Narendra Modi's remarks that for New Delhi, ties with Beijing are important and the prolonged situation at the borders should be addressed urgently. In an interview with Newsweek magazine, which described India's rise as "unstoppable", Prime Minister Modi expressed hope that through positive and constructive bilateral engagement at the diplomatic and military levels, the two countries will be able to restore and sustain peace and tranquillity at their borders. China has noted the remarks by the prime minister, Chinese foreign ministry spokesperson Mao Ning told a media briefing here when asked for her reaction to Modi's statement. We believe that sound and stable China, India relations serve the common interests of both sides and are conducive to peace and development of the region and beyond, she said. In his interview, which is the first to be given to

New EV policy: No restrictions on imports from any country, including China

Last month, India announced lowering import taxes on certain electric vehicles produced by carmakers who commit to invest at least $500 million and start domestic manufacturing within 3 years

Figure this: Discrepancy in India-China trade data is only getting worse

What China sends doesn't match India's records on imports, and the mismatch is in billions of dollars

Beijing may repeat 'baseless claims', Arunachal integral part of India: MEA

India on Thursday said Beijing may "repeat its baseless claims" as many times as it wants but that is not going to change New Delhi's position that Arunachal Pradesh "was, is and will always remain" an integral and inalienable part of the country. MEA Spokesperson Randhir Jaiswal said this during his weekly press briefing, in response to a query on China continuing to harp on its claim over Arunachal Pradesh. His comments came days after Chinese Foreign Ministry spokesman Lin Jian on Monday reiterated China's claim. "Our position on the matter, Arunachal Pradesh, has been made very clear, time and again. Recently also, we issued a statement in this regard. China may repeat its baseless claims as many times as they want, that is not going to change our position. Arunachal Pradesh was, is and will always remain an integral and inalienable part of India," he said. The Ministry of External Affairs (MEA) said on March 19 it had noted the comments made by the spokesperson of the Chinese

BS Manthan: 'India should chart own path to shed West's China-plus tag'

Say foreign companies only shifting incremental investments from China, not uprooting themselves.

Switzerland, UAE, China lead double digit imports growth in February

After growth in merchandise imports remained in negative territory for most of 2023, inbound shipments have turned positive for two consecutive months since January

India unlikely to match China's past 8-10% growth: Morgan Stanley

Even so, Morgan Stanley remains upbeat about India's prospects, and said in a recent report that the current expansion resembles that of the mid-2000s boom, fueled by rising investment

Not observing written pacts raises question on intentions: EAM on China

There is the reality of very big power shifts in Indo-Pacific, Jaishankar said while addressing the Raisina Roundtable organised by the Observer Research Foundation (ORF) in Tokyo

DRDO submits report on dual-use equipment seized from Chinese cargo

According to the report by the DRDO experts, the seized large-size Computer Numerical Control (CNC) machines are dual-use equipment and can be used for military applications

India opposes China-led investment facilitation proposal at WTO

This is because investment, as a subject, falls outside the mandate of the WTO. Besides, India is fundamentally against plurilateral pacts on multilateral platforms such as the WTO

China's geo-economic pivot

Amid economic troubles, China's changing geopolitical outlook opens the door for renewed engagement with India

China shadow on flagship PLI for domestic manufacturing of solar equipment

Majority PLI winners list Chinese vendors for setting up solar equipment manufacturing

India, China have strong economic, cultural connections says Chinese envoy

Chinese Consul General in Mumbai Kong Xianhua has said the economic and cultural connections between the people of China and India are so strong that nothing and nobody could push them apart. Kong was addressing a gathering on Friday on the occasion of the Chinese New Year Reception and Chinese Cultural Festival in Mumbai. He said that 2023 marked a year of achievements and harvest for both China and India. "It is the extensive cooperation between our people that makes it happen," he said. The China-India trade volume surpassed 136.2 billion dollars in 2023, he said. The Chinese Embassy and its Consulates-General in India have issued more than 1.8 lakh visas in the last year, showing a new high of Indian visitors to China after the pandemic, he said. One of the biggest news in Mumbai these days is that the Coastal Road is set to open this month, he said. "It is worth noting that the tunnel under Malabar Hill (in south Mumbai), the hardest part of the project, was built with a Ch

Trade rules for the planet and people

The Indian government has announced fiscal incentives for solar cell and module manufacture and imposed higher import duties on Chinese products