China on Tuesday floated the idea of creating a \u201cmega regional market\u201d with India to mine existing advantages and create new ones within two of the world\u2019s fastest growing economies.<\/p>\n
\u201cChina and India have different political systems but practise market economy. These are the only two countries with more than 1 billion people each. There is huge potential in (creating) market demand, further (creating) international market demand at a deeper level and at a mega regional level,\u201d said Li Wei, president of the Development Research Centre (DRC) of the State Council (China\u2019s cabinet).<\/p>\n
Enhanced cooperation between China and India, Li said, will be a win-win situation and help expand the two markets.<\/p>\n
Li, who was speaking at the third round of dialogue between the DRC and India\u2019s NITI Aayog, referred to India\u2019s demographic advantage, its efficiency in the software industry and low labour costs as being complementary to China\u2019s experience in developing infrastructure and lifting hundreds of millions of people out of poverty.<\/p>\n
In his speech, NITI Aayog vice chairman Rajiv Kumar said India was in position to take over as a driver of high growth for the next three decades.<\/p>\n
\u201cI think now perhaps all of us agree that given the circumstances globally and in Asia, maybe India can take over the baton of higher growth from China for the next 30 years,\u201d he said.<\/p>\n
\u201cNow, India must follow suit. For that we need to focus on and achieve higher rate of growth of employment,\u201d he said. \u201cIt is imperative that the two countries work together and help each other to grow further.<\/p>\n
\u201cWhile you (China) are vacating those spaces, India would do well to invite Chinese investment so that those spaces we can fill and generate employment,\u201d Kumar said.<\/p>\n","protected":false},"excerpt":{"rendered":"
China on Tuesday floated the idea of creating a \u201cmega regional market\u201d with India to mine existing advantages and create new ones within two of the world\u2019s fastest growing economies. \u201cChina and India have different political systems but practise market economy. These are the only two countries with more than 1 billion people each. There […]<\/p>\n","protected":false},"author":1,"featured_media":12070,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[87],"tags":[],"class_list":["post-12069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/12069","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=12069"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/12069\/revisions"}],"predecessor-version":[{"id":12071,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/12069\/revisions\/12071"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/12070"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=12069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=12069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=12069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}