India, China to boost investments, open up markets

India and China have agreed to deepen their economic cooperation amidst concerns in India that China is not providing a level playing field for India when it comes to trade.

At the conclusion of their maiden strategic economic dialogue on Monday, the two countries have agreed to deepen bilateral investments and open up markets and share development experiences.

The two sides will enhance cooperation in infrastructure, especially in the railway sector, as India sought Chinese expertise and technology in building high-speed rail networks.

Reports quoting an unidentified senior official on the Indian side, meanwhile, said Chinese prime minister Wen Jiabo has conceded at a meeting with Indian officials that the two major Asian economies need to address trade concerns.

"We hope Chinese companies will import more information technology (IT), pharmaceuticals and farm produce from India," Wen is reported to have said, according to the report.

India-China bilateral trade stood at around $60 billion in 2010-11, of which India's exports comprised $20 billion while China's exports was double that of India's.