SINOINDIA-TALKS 2 LAST

"It is very important to point out that the idea of "It is very important to point out that the idea ofinclusiveness has been retained and has been given greaterfocus in G20 agenda under Chinese Presidency," he said. "Very rightly and timely manner the Chinese Presidency isalso giving importance to new industrial revolution oninnovation as main drivers of economic growth in the currentcentury," he said. The world is at a critical stage and innovation and thenew industrial revolution will be the key drivers to giveextra momentum for the growth of the world economy. "May I reiterate we in India attach high priority to thebilateral relations with China. We are confident to strengthmodalities of cooperation in major facets of economic andbilateral relationship," he said. Shi said emerging market economies like India, China facegreater pressure today. "In Global community, we keep hearing bad mouthing ofemerging economies here and there," he said. "So as two important emerging economies, China and Indianeed to build more solidarity, air common voice, urgedeveloped countries to adopt more responsible macro economicpolicies and lay foundation and enabling environment forglobal economic recovery," he said. He said both the counties should adopt more pragmatic andopen approach to explore more areas bilateral, fiscal andfinancial cooperation. "Our combined population is over 40 per cent of globalpopulation. In 2015 total GDP of the two countries occupy 18.5per cent of the global GDP. We are enjoying great market anddevelopment potential however by the end of 2015 our bilateraltrade reached only USD 71.62 billion and ChinaÂ’s investment inIndia is about USD 4.07 billion. "IndiaÂ’s investment in China is only USD 650 million. Thisdata could hardly match good relations and potential and stateof economies," he said. Shi said China is working hard to scale up infrastructureinvestment though its Silk Road intuitive which is called OneBelt and One Road (OBOR). The Bangladesh, China, India, Myanmar (BCIM) which is partof the OBOR will provide great opportunity for China andIndiaÂ’s economies to take off, he said. "With unprecedented economic opportunities, relevantdepartments should seize the opportunity to deliver commonconsensus of two countries by adopting bold and innovateapproach to overcome the fiscal, financial as well asinvestment impediments to achieve higher, better economictrade and investment collaboration," he said. PTI KJVNSA