labels: economy - general
Chidambaram says India, China are growth partners, not rivalsnews
29 March 2007

Mumbai: According to finance minister P Chidambaram New Delhi does not view Beijing as a rival but as a partner for making the Asian century a reality. "Many other countries, envious of China or India, may regard this as China v/s India. We do not do so. We regard it as China and India, working together to make this century an Asian century," he said.

Inaugurating the first full-fledged branch of Bank of India (BoI) in Shenzen, among China's fastest growing cities, Chidambaram said, " China and India are leading the drive to make this century the Asian century."

The one-time fishing village of Shenzhen is the first the SEZ in China. It was china's first major experiment with capitalism after late Chinese paramount leader Deng Xiaoping landmark visit to the southern Guangdong province in 1986.

Referring to China's phenomenal economic growth after it embarked on its reforms in 1978, Chidambaram said he was confident that India too be able to do it over the next 10 to 20 years.

He emphasised that relations between India and China in trade, commerce, business, diplomacy and in people-to-people exchanges should strengthen in the years to come.

Chidamabaram noted that India-China bilateral trade in 2006 had grown to a record $25 billion and scope for generating greater businesses opportunities between the two countries.

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Chidambaram says India, China are growth partners, not rivals