News: India could gain from rising Chinese imports
(TNN 18/04/2006) Beijing - When does a great sucking sound become music to your ears? When the noise is generated by the Chinese economy sucking in imports from around the world to feed its giant economy. Over the next five years, China will import $5trillion worth of goods and services — seven times India’s GDP in ‘05-06.
India can also benefit from this import frenzy, but would India kindly remove some irritants in the path to a joint commercial bliss, such as its present unwillingness to recognise China as a market economy and its ‘security’ reservations over Chinese MNCs like Huawei Technologies?
The issue was raised by the China Council for Promotion of International Trade vice-secretary general Wang Jinzhen at a joint CEO forum organised by CCPTI and Ficci on Monday.
A 17-member Ficci delegation of CEOs led by president Saroj Kumar Poddar is in Beijing to build the basis for substantial business linkages between the two economies. They are on the lookout not only to further their own immediate business, but also to pursue a larger game plan of exploiting the synergies of the two fastest-growing large economies for conquest in third countries.
Twenty-one large Chinese companies, apart from industry associations and state agencies for international trade cooperation, were present at the CEO meet. India’s ambassador to China, Nalin Surie, also spoke, lending the meet the state backing that the Chinese are comfortable with.
Ficci secretary general Amit Mitra identified five goals in this game plan: raise the volume of Sino-Indian trade, which has grown from next to nothing in the early nineties to $18.7bn last year and could well overtake India’s trade with the US soon, to $50bn in three years’ time and to $100bn in six years; boost investment by either country in the other; explore JV possibilities in third countries (like the recent bid for oil in Syria between India’s ONGC Videsh and China’s Sinopec); increase people-to-people contact between the two nations through tourism and close the knowledge gap between the two neighbours through the exchange of students, scholars and media personnel.
The frenetic pace of China’s growth (9.7% a year for the last 27 years) has produced giant companies that operate in many countries around the world, including India. The delegates at the CEO meet made it clear that they welcome the opportunity to cooperate with Indian companies, but would like to see the mutual cooperation in multilateral groupings like the G20 extended to bilateral relations.
India is the number one wielder of anti-dumping measures against Chinese imports and China’s status as a non-market economy in India’s books comes in handy to justify penal duties on imports from China. Around 50 countries, including G20 comrades Brazil and South Africa, have recognised China as a market economy. However, the Americans and the Europeans have not. With which group of countries should India align itself on China, Chinese officials want to know.
India can also benefit from this import frenzy, but would India kindly remove some irritants in the path to a joint commercial bliss, such as its present unwillingness to recognise China as a market economy and its ‘security’ reservations over Chinese MNCs like Huawei Technologies?
The issue was raised by the China Council for Promotion of International Trade vice-secretary general Wang Jinzhen at a joint CEO forum organised by CCPTI and Ficci on Monday.
A 17-member Ficci delegation of CEOs led by president Saroj Kumar Poddar is in Beijing to build the basis for substantial business linkages between the two economies. They are on the lookout not only to further their own immediate business, but also to pursue a larger game plan of exploiting the synergies of the two fastest-growing large economies for conquest in third countries.
Twenty-one large Chinese companies, apart from industry associations and state agencies for international trade cooperation, were present at the CEO meet. India’s ambassador to China, Nalin Surie, also spoke, lending the meet the state backing that the Chinese are comfortable with.
Ficci secretary general Amit Mitra identified five goals in this game plan: raise the volume of Sino-Indian trade, which has grown from next to nothing in the early nineties to $18.7bn last year and could well overtake India’s trade with the US soon, to $50bn in three years’ time and to $100bn in six years; boost investment by either country in the other; explore JV possibilities in third countries (like the recent bid for oil in Syria between India’s ONGC Videsh and China’s Sinopec); increase people-to-people contact between the two nations through tourism and close the knowledge gap between the two neighbours through the exchange of students, scholars and media personnel.
The frenetic pace of China’s growth (9.7% a year for the last 27 years) has produced giant companies that operate in many countries around the world, including India. The delegates at the CEO meet made it clear that they welcome the opportunity to cooperate with Indian companies, but would like to see the mutual cooperation in multilateral groupings like the G20 extended to bilateral relations.
India is the number one wielder of anti-dumping measures against Chinese imports and China’s status as a non-market economy in India’s books comes in handy to justify penal duties on imports from China. Around 50 countries, including G20 comrades Brazil and South Africa, have recognised China as a market economy. However, the Americans and the Europeans have not. With which group of countries should India align itself on China, Chinese officials want to know.
posted by InCar Group Press Room at 16:58
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