China pitches for mutual investments to fill trade gap with India
Addressing the trade gap with India, China on Thursday, called for combining 'Make in India' initiative with its 'Made in China' to step up investments. "We should try to combine 'Make in India' and 'Made in China' strategy together. The key word in India-China relationship is development, which is a major factor of our cooperation," said Huang Xilian, Deputy Director General of the Asian Affairs, Department of the Foreign Ministry. He further informed that efforts are also underway to solve the concerns of $47 billion trade deficit between India and China. According to the official, China is looking at promoting mutual investments and as a process, has also agreed to set up two industrial parks and encouraging more Chinese investments in India to promote exports to China, in a move to resolve widening trade deficit. "We are ready to buy. In the next five years, we hope to import as much as possible from India," he said. Similar pitch, but in a stronger way, was also made by Le Yucheng, Chinese Ambassador to India, in his address to Indian media on June 21, 2015. He said, “Chinese investments in India accounted for only a few hundred million dollars. We want more efficiency from India in attracting investment and more red carpet instead red tape. We need to catch up and make up for the loss." “India needs Chinese capital, industrial technology. Why not invite Chinese investments? Indian side is still long way to go to attract more investments," Yucheng pointed out. Trade deficit between India and China increased about 34% to $48.43 billion in 2014-15 from $36.21 billion in the previous fiscal. Apart from China, India witnessed biggest trade deficits with Saudi Arabia, Iraq, Switzerland and Kuwait, in recent years.
July 2, 2015 | 7:09 pm IST.
to success.