Opinion China’s top diplomat to India writes: Why India and China are stronger as partners

By strengthening practical cooperation in various fields, the two countries can bring a stronger impetus to the recovery and growth of the world economy

India China bilateral ties, India China relation, India China ties, India China talks, Russia Ukraine Relations, Russia Ukraine Crisis, Indian express, Opinion, Editorial, Current Affairs

Ma Jia writes: China and India are the most populous developing countries and the top two developing economies in the world. The two countries account for more than 35 per cent of the world's total population and more than 20 per cent of the world's total economic output. (Reuters)

Ma Jia

June 2, 2023 08:40 AM IST First published on: Jun 2, 2023 at 07:07 AM IST

By Ma Jia

Affected by complex factors such as the Ukraine crisis, the Covid-19 pandemic, and interest rate hikes in the United States, the world economic situation is not optimistic in general. Instabilities and uncertainties bring about fragility in its recovery, and all countries are faced with the test of how to stabilise growth. In this context, the recent robust economic performances of China and India have attracted much attention.

India has become the fifth-largest economy in the world. The United Nations Conference on Trade and Development’s ‘World Investment Report 2022’ shows that in 2021, India ranked seventh among the top 20 recipients of foreign direct investment. India’s digital economy is growing rapidly with more than 82,000 start-ups and 107 unicorn companies. The ‘2022-2023 Indian Economic Survey Report’ predicts that India will become one of the fastest-growing economies in the world in the fiscal years of 2023 and 2024.

Meanwhile, China’s economy achieved a comprehensive rebound with the first-quarter GDP growing by 4.5 per cent year-on-year. Market vitality recovered with the SME Development Index (calculated based on a survey of 3,000 small and medium-sized enterprises) reaching 89.3 points between January and March. The manufacturing Purchasing Managers’ Index and the non-manufacturing Business Activity Index continued to stand above the boom-and-bust line, and expectations for private enterprises rose on a gradual basis. Employment and prices remained stable, and the Consumer Price Index rose by 1.3 per cent. Many international organisations and investment institutions have revised their forecasts upwards for China’s economic growth this year.

China and India are the most populous developing countries and the top two developing economies in the world. The two countries account for more than 35 per cent of the world’s total population and more than 20 per cent of the world’s total economic output. China and India have a decisive impact on human development, and the strong economic growth of the two countries has a vital role to play in the global economic recovery.

China and India have also made important contributions to world poverty alleviation. Over the past more than 40 years of reform and opening up, the Chinese government has lifted more than 800 million people out of poverty. From fiscal year 2006 to 2021, a total of 410 million people in India have been lifted out of poverty. According to the forecast of the International Monetary Fund, the contribution of China and India to world economic growth this year will be over 50.3 per cent.

Emerging economies like China and India have become important engines for the recovery of global economic growth. As Chinese State Councillor and Foreign Minister Qin Gang said during his meeting with Indian External Affairs Minister Subrahmanyam Jaishankar this year, as the two most populous developing countries in the world, both China and India are in a critical period of achieving modernisation. We should steer bilateral relations from a strategic and long-term perspective, respect and learn from each other, contribute to each other’s success, pursue a new path of living in harmony, peaceful development and common revitalisation between neighbouring major countries, so as to boost our respective national rejuvenation and inject stability and positive energy into world peace and development.

India & South Pacific | Key takeaways from PM Modi’s visit; China’s diplomatic presence

The year 2023 marks a high point in India’s diplomacy, with its presidency of the Shanghai Cooperation Organisation (SCO) and the G20. China is willing to communicate and cooperate with India to strengthen global economic governance, safeguard the common interests of developing countries and international equity and justice. I firmly believe that by strengthening practical cooperation in various fields, China and India will surely bring a stronger impetus to the recovery and growth of the world economy.

The writer is Chargé d’Affaires a.i. of the Embassy of the People’s Republic of China in India