Marching forward with 'trust, confidence'
China's economic growth will not have any negative effect on India, but trust and confidence is needed for the two countries to pursue development hand-in-hand, Chinese and Indian experts and corporate representatives said Monday at the ongoing Boao Forum for Asia (BFA). [Special coverage]
"I don't think China is a threat to India… Given the complementary nature of the two countries' economies and labor market growth, we have a lot in common," Long Yongtu, former vice minister of China's Ministry of Commerce, said at a session of the BFA.
Ajit Ranade, chief economist of Aditya Birla Group, said at the same session that the Doklam military standoff had led some Indian media to view China as a threat, exaggerated through social media, which is difficult to control.
The Chinese and Indian economies are complementary, Ranade said. "For example, Indian people's average age is 37, while China's population is aging. China's economic growth is shifting from export-driven to domestic consumption-led, while stressing industrial structure change and innovation. By contrast, almost 55 percent of Indian people work in agriculture," he said.
China is the world's biggest source of overseas tourists, with the annual figure now standing at around 170 million, many of whom would like to travel to India. "We have noticed many cooperation opportunities," he said.
Ratan Tata, honorary president of India's Tata Group, told the Global Times on the sidelines of the BFA on Monday that the two countries still have huge cooperation opportunities, for instance, in the sectors of clothing manufacture and electronics.
The two countries must march forward together and increase mutual trust and confidence, he said.
"Chinese leaders have shown strong willingness to cooperate with India. This move is good and we should persist. We need to encourage Chinese and Indian companies to establish joint ventures, seek other trade opportunities in addition to minerals and raw materials, and pay attention to infrastructure construction under the framework of the China-proposed Belt and Road initiative," he said.
