'India to offer more opportunities to world than China'

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Kolkata, June 8: Even as India and China resolved to emerge as a global force justifying 'Chindia,' a portmanteau that refers to both countries together, during the just concluded bi-lateral meeting in Beijing, back home it's advantage India.

Amidst an atmosphere of camaraderie during Sino-India External Minister level talks which advocated for ''unification of the two nations'' setting aside all their differences including the border dispute, according to the Consul General of China in Kolkata India is in an ''advantageous position.'' After interacting with the members of the Indian Chamber of Commerce (ICC) here on June 6, the second consecutive ''Bengal Bandh'' day questioning economic progress of the state, Mr Siwei told UNI that India would offer more opportunities to the world than China ''in the long run.'' ''Though economists around the world generally agree that economic development of China is about 10 years ahead of that of India, I need to say that more and more Chinese people are now becoming aware of the comparative strength of the Indian economy and recognise that China should learn from India in many aspects,'' Mr Siwei opined.

Elaborating on the matter, he said while China's growth has been stimulated largely by investment, especially by FDI, India's growth has been mainly fuelled by an expanding domestic market and according to some economists the Indian model of development might be more sustainable.

''Furthermore, India has a population that is growing younger and that will continue to supply young people to the labour force for a long time but China has an aging population that will result in labour supply problems in the future,'' he maintained.

According to a research, the Chinese Consul General said, in 2015, 32 per cent of the Chinese population would be over 50 years old, but the figure of India would be only 16 per cent and the people under 14 years old would be only 13 per cent of the total in China while the figure of India would be 31 per cent.

He also said the management of financial institutes in India was better than that of China and the proportion of loans in the Chinese banking system was much higher than that of India.

'' In terms of English language, legal system and accounting system, it is relatively easier for India to communicate with western countries which give India advantages as far as integration into the world economy is concerned,'' the Chinese Consul General noted.

Stressing on the bilateral cooperation, the Chinese Consul General said the economic cooperation between China and India would have a bright future not only because of the economic necessity but also because of the strong commitment of the leadership of the two countries to a closer Sino-India partnership. ''In my understanding, China's policy towards India has certain 'salient points': to consider the importance of India from a strategic point of view and develop and consolidate a strategic, cooperative partnership with India.'' Mr Siwei observed that the other issues were not to let the border dispute get in the way of developing the overall relationship with India, no intention to take any third-country factor to affect its bilateral ties with India and ensure that the Tibetan issue would not jeopardise the overall Sino-India relations.

Exuding confidence on the bilateral trade front, Mr Siwei said the Indo-China bilateral trade target of 60 billion US dollars for 2010 would be achieved much ahead of the stipulated time. He said according to the latest statistics, in the first four months of this year the amount of bilateral trade reached to 18.8 billion USD, an increase of 65 per cent compared with the same period last year.

''On this basis, we can easily predict that the figure of the whole year might be over 56 billion USD which will be quite close to the target of 60 billion USD,'' the Chinese Consul General observed. He also reminded that during the four months India's export to China increased by 87 per cent and India's deficit was going down substantially.

Mr Siwei said along with the rapid trade growth the two economies were also gradually integrated as many Indian companies in IT services sector were investing in China and pharmaceutical companies, though engaged in R &D in India, were producing the drugs in their factories in China.

He also informed that many Chinese companies have obtained contracts of infrstructure projects in India valued at 12 billion USD.' All these statistics establish that 'Chindia,' a portmanteau term for China and India considered together, suggests that the two countries are becoming a powerful economic force whose global influence may change the pattern of the world's trade soon,'' Mr Siwei maintained.


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