India and China ties are likely to enter into a “new age of cooperation” especially in trade in view of Prime Minister Narendra Modi’s knowledge of Chinese investment promotion and his plans for economic reforms, according to an official think-tank in Beijing.
“The two countries can be optimistic about the future, because Narendra Modi has promised to focus on reform and economic development,” said an article titled ‘Trade binds China and India’ written by Xu Changwen, a researcher at the Chinese Academy of International Trade and Economic Cooperation, affiliated to the Ministry of Commerce.
“Moreover, since Modi is said to have studied the Chinese economic model and visited Shanghai, and Guangdong and Sichuan provinces to get first-hand knowledge of China’s investment promotion, it is likely that the two countries will enter a new age of cooperation,” said the article published in the state-run China Daily on Friday.
Modi visited China four times as the Chief Minister of Gujarat scouting for Chinese investments. Much of China’s USD 900 million Chinese investments were made in Gujarat.
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About addressing the India’s growing trade deficit with China, it said India could further open up its domestic market to China, making it possible for more Chinese companies to invest there which in turn could redirected to the Chinese market.
Indian officials say that the trade deficit is averaging around USD 35 billion in the bilateral trade.
The India-China trade totalled to around USD 65.47 billion in 2013 and the deficit in the first four months of 2014 have already mounted to USD 8.84 billion with the total trade around the same time totaling to USD 21.98 billion.
Emphasizing the importance of trade in the improving relations between the two countries, the article said India has been a strategic trading partner of China for the past nine years, and China is now India’s largest trading partner.
Trade grew between the two countries from USD 7.6 billion in 2003 to USD 66.47 billion in 2012, an average annual increase of 30 per cent.
There is still plenty of room for deeper cooperation between the two sides, it said.