China becomes India's 2nd largest trade partner

China Economic Net reporters learned from the China-India Economic and Trade Cooperation Forum held in Beijing January 19 that the trade volume between China and India doubled in the past 2 years, exceeding 50 billion U.S. dollars. The 2-way investment increased by 10 times and the infrastructure projects that Chinese enterprises built in India exceeded 10 billion U.S. dollars. So far, China has become India's second largest trade partner.

"China and India have a 2,000-plus year history of friendly exchanges. Cooperation and exchanges are favorable for the 2 countries to improve their international competitiveness." China's Commerce Minister Chen Deming said that in 2009, the trade cooperation between China and India slightly cooled due to the international financial crisis, but both governments and relevant departments of the 2 countries actively looked for solutions, and signs of good development momentum of the bilateral trade cooperation have emerged in January 2010. Chen said, "The development of relations between China and India should not be simply viewed from the perspective of competition. We are not rivals, even less enemies." Chen added that China and India should strengthen their exchanges and cooperation in the following 4 areas in the future.

Firstly, they should promote the balanced development of trade. Starting 2010, the Ministry of Commerce and the Yunnan provincial government will jointly hold an annual "South Asian Countries Commodity Fair" in order to enhance trade exchanges between the 2 countries.

Secondly, they should encourage mutual investments. China welcomes Indian entrepreneurs to invest in China and supports Chinese enterprises to invest in India. "Investments not only bring funds and job opportunities, but can also provide more management experience and market."

Thirdly, they should magnify the converging points of their common interests. India has rich resources and an advanced information industry while China's domestic consumption market is huge. The 2 countries should learn from each other's strong points and actively search for cooperation opportunities.

Fourthly, they should promote contacts between commercial chambers and companies to lay a good foundation for expanding and deepening commercial and trade cooperation.

Chen said at the forum, "Our common wish is helping Chinese and Indian companies to share and benefit from the development of the both countries."

By People's Daily Online