China asks Indian firms to gain from its growing import market

China is encouraging its companies to buy more from India to address the neighboring country's ballooning trade deficit, its top diplomat Dai Bingguo has said, asking Indian firms to "seize" the opportunity offered by the Chinese import market which is expected to touch a whopping $10 trillion by 2015.

"China pays close attention to the trade imbalance. We have already encouraged Chinese companies to import more from India and will continue to do so," Dai, China's Chief negotiator with India for over a decade, told PTI in an interview here.

India's trade deficit with China has grown to $23 billion in the first ten months of this year. Last year the deficit stood at $27.07 billion even though bilateral trade touched all time high of $73.9 billion.

Dai, China's pointman for India for the border issue, played down the focus on the trade deficit.

"China's economy is an open economy. We do not seek a trade surplus. While China enjoys a surplus with the US, Europe and India, it has a deficit with Japan and the Republic of Korea," said Dai, who is set to retire in March as the administration of the outgoing President Hu Jintao steps down to pave the way for new leadership headed by Xi Jinping.

"It is true that China's export has grown fast, but our import has grown at an even faster pace," he said. "China is implementing its 12th five-year plan (2011-15). During this period, China's total import is expected to reach $10 trillion. I sincerely hope that Indian companies will seize this opportunity and export more products that meet the demand of the Chinese market."

EDITORIAL OF THE DAY

  • The government must only sell PSU stocks that are in demand

    The government’s move to change the methodology of selecting merchant bankers for divesting stake in various public sector undertakings would save d

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

BK Chaturvedi

Delhi and its democratic core

In the last one month, questions have been raised about ...

Kuruvilla Pandikattu SJ

Moral basis for collective living

Laudato si (Praise Be to You”) the second circular letter ...

Dharmendra Khandal

Have you spotted those wasps, yet?

Wasps are insects that ride on the monsoon winds. I ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture