China eyes more investment in India

25 Apr '16

2 min read

Chinese Foreign Minister Wang Yi has commended Indian's economic growth said that his country was keen to boost investments in India by which the two countries can contribute significantly in helping the world economy by keeping up their growth momentum.

“First of all, we both need to grow our own national economies. On this front, we want to commend India for doing a good job in promoting economic growth,” Wang told PTI in Moscow.

Wang, who was in Moscow to attend Foreign Ministers' meeting of RIC (Russia, India, China) grouping, also said reform of the global financial system is key to protect the interest of developing countries and boost the recovery of the global economy.

“We need to join hands in playing a positive role in improving the global economic and financial governance because that will help protect the interests of the developing countries. It will also help the world economy to embark on a path of strong recovery,” Wang said.

He said China was “optimistic” about the prospect of deeper relationship between the two countries. “Of course, we will be happy to invest more in India. There is no doubt about it,” he added.

After witnessing nearly three decades of close to double-digit growth, China has been hit by a slowdown, making way for India to replace it as the fastest-growing major economy of the world.

But despite the slowdown, the Chinese economy remains much bigger than that of India in terms of the overall size. China clocked 6.9 per cent growth in 2015 while India is estimated to have grown by 7.3 per cent.

The IMF has projected Indian economy to grow at 7.5 per cent in 2016 and 2017. (SH)

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