‘China and India have far more common interests than differences’ | photo credit: AFP
The year 2023 marks a high point in India’s diplomacy with the presidency of the Shanghai Cooperation Organization (SCO) and the G-20. The focus is also on China which recently held “two sessions”: the annual session of the National People’s Congress of the People’s Republic of China and the National Committee of the Chinese People’s Political Consultative Conference. Here is some information about the development of China.
China is pursuing modernization on all fronts. Here, the path to modernization is based on China’s practices with a focus on high-quality development. It means modernization of a vast population, where there is equal prosperity for all, material and cultural-moral progress, harmony between humanity and nature, and peaceful development. This will provide new opportunities to all the countries of the world, especially the neighboring countries.
As two neighboring and ancient civilizations, with a combined population of 2.8 billion, China and India are representative of developing countries and emerging economies. Both India and China are in the process of national rejuvenation and a critical period of modernization where challenges need to be overcome and problems need to be solved. China and India have far more common interests than differences.
China’s focus areas
China’s development in recent years can be summarized in four points.
The first is “sustainable development”. In 2022, China’s economy is projected to grow by 3% with a total of 12.06 million urban jobs. China’s GDP grew to 121 trillion yuan (about $18 trillion), registering an annual growth rate of 5.2% over the past five years and an annual growth of 6.2% over the past decade, with GDP increasing by nearly 70%. trillion yuan increased. China’s economic power is continuously reaching new heights.
The second is “the good of the people”. As a result of sustained efforts over the past eight years, China has historically resolved absolute poverty, lifting nearly 100 million rural residents out of poverty. More than 70% of the government’s expenditure went into ensuring the well-being of the people. Basic old age insurance covers 1.05 billion people, an increase of 140 million. New improvements are being seen in the standard of living.
The third is “open”. In 2022, the total volume of China’s merchandise trade is expected to exceed 40 trillion yuan, registering an annual growth rate of 8.6%. China’s real use of foreign capital was up 8% and the country remained one of the top destinations for foreign investors. The overall tariff level continues to fall from 9.8% to 7.4%. China’s doors to the outside world are opening ever wider.
The fourth is “win-win cooperation”. Over the period 2013–2021, China’s contribution to global economic growth averaged 38.6%, higher than the G7 countries combined (25.7%). Since Chinese President Xi Jinping proposed the Global Development Initiative (GDI) in a speech at the United Nations General Assembly in 2021, more than 100 countries have expressed their support and more than 60 countries have joined the GDI’s group of friends. Has happened. ,
in business
China and India are important trading partners, with bilateral trade volume expected to reach $135.984 billion in 2022. Although there is a trade deficit, India’s import of equipment and materials from China lowers the overall cost of “Made-in-India” products, benefiting Indians. downstream industries and consumers, enhances the competitiveness of Indian exports, and in turn facilitates India’s integration into global industrial and supply chains.
The Chinese market is open to India, and the Chinese side is happy to see more high-quality Indian goods, cultural and other products entering the Chinese market. Investments by Chinese enterprises have created a large number of jobs for the Indian people and contributed to India’s economic development. We hope that the Indian side can provide a fair, equitable and non-discriminatory business environment for Chinese companies to invest and operate in India.
Feature of an ‘Asian Century’
In his recent meeting with India’s External Affairs Minister S Jaishankar, Chinese Foreign Minister Qin Gang said that the development and revitalization of China and India promote the strengths of developing countries; It is he who will change the destiny of a third of the world’s population and influence the future of Asia and beyond. This is what Mr Jaishankar expressed in 2022 – that the Asian century will be when China and India come together.
China stands ready to strengthen communication and coordination with India, become a partner on the path of modernization, safeguard the legitimate rights and common interests of developing countries concerned, and contribute to peace and stability in the region and beyond.
Ma Jia is the interim charge of the Embassy of the People’s Republic of China in India