China ready to correct trade imbalance: Manmohan

Chinese president Hu Jintao has told Prime Minister Manmohan Singh that his country wants to correct the trade imbalance which is in its favour, and that ways should be explored in this direction. Hu discussed this with Singh during their meeting in Brasilia on Thursday.

"President Hu himself referred to trade imbalance. (He said) that trade should have greater balance," the prime minister told reporters Friday after attending the IBSA (India-Brazil-South Africa) summit.

Noting that China has a ''huge surplus'' of trade in its favour against India, Singh said Hu had told him that "we must explore ways and means to make it more balanced". Trade between India and China has jumped substantially from $1 billion in 2001 to $52 billion in 2008 and the two sides are targeting $60 billion this year.

The trade is in favour of China to the tune of $15.8 billion, which is of concern for India.

Singh said his meeting with Hu was "good". During the meeting, Singh and Hu noted that trade and investment was "one of the cores" and "a key pillar" of bilateral relations and that both sides were encouraging their companies to invest more in each other's nations.

In this regard, the two leaders agreed to facilitate greater access to their markets, a ministry of external affairs spokesman said.