Chinese Ambassador Wei Wei also said that China and India should work closely to push for a mutually beneficial global economic regime and oppose protectionism of any form. "We should promote new security concept featuring mutual trust, mutual benefit, equality and cooperation," he said while delivering a lecture at the Institute of Defence and Strategic Affairs.
The comments by Wei Wei came three days after Chinese President Xi Jinping's Special Envoy and Foreign Minister Wang Yi held extensive talks with External Affairs Minister Sushma Swaraj during which both sides agreed to further boost ties in diverse fields.
With improving relations, the two countries are exploring the possibility of having joint exercises between the air forces and the navy, besides the armies which have held three exercises so far and agreed to hold the fourth one in India this year.
Seeking better economic and trade ties, Wei said both the countries should actively seek "common development" while following the principle of mutual benefit, cooperation and win-win situation. He said both countries should make efforts to achieve "peaceful co-existence, equal participation and competition on an equal footing".
"We should respect each other's rights to make independent economic decisions, advocate a mutually beneficial global trade and economic regime and oppose protectionism in any forms," he said.
China is India's biggest trading partner with two-way trade reaching close to USD 65 billion in 2013, according to official figures.
However, the trade deficit in favour of China continued to mount to around USD 40 billion which is a matter of concern for India.
India has consistently been raising the issue of increasing trade deficit and seeking greater market access in China to bridge the gap.