‘China, India should make efforts to diversify economic ties’

Bilateral trade between India and China maintained its rapid growth momentum into 2011, crossing $35 billion in the first half of the current calendar year, a 16 per cent rise vis-a-vis the corresponding period of 2010, according to China’s Ambassador to India, Mr Zhang Yan.

China and India are major trading partners and in the past ten years, bilateral trade has surged 20 times, he said at a function here last night.

In 2010, trade flows between the two countries amounted to $61.7 billion. “During the first half of this year (January-June 2011), bilateral trade maintained a strong momentum of fast growth. The two-way trade volume has reached $35.27 billion, a 16.1 per cent increase on a year-on-year basis,” he said.

But Mr Zhang also said given the magnitude of the two countries’ population, which stands at more than 2.5 billion, and huge markets, as well as the potential of the two economies, there are still great opportunities for India and China to explore.

China and India, he said, should make new efforts to diversify their economic cooperation by expanding the scope, adding that he was happy that while maintaining a strong momentum in trade, both sides have started looking for new cooperation in areas of mutual interest.

“China and India are two fast-growing economies in the world today. Against the turbulence in the world economic and financial situation, we have every reason to join hands and work together to withstand the challenges and ensure the sustained and healthy development of our economies,” he said.

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