Reaching out to the Indian industry, Member of the Political Bureau of the Chinese Communist Party and Party Secretary of Shanghai Han Zheng has said that bilateral cooperation between India and China will benefit the entire world.
“We are looking at how Shanghai can partner with the Indian industry in science and technology, innovation, financial and IT services, and contribute towards greater Indo-China economic engagement”, Mr Han said. He was on visit to India, during which he addressed an industry gathering in Mumbai on May 9.
With a slowdown in its own economy, China is reaching out to other Asian markets including India. Mr Han, who was on a five-day visit to India was accompanied by a high-level government and business delegation. Addressing the CII event, Mr Han said that the world is following two economies—China and India, both of whom have contributed immensely to global growth.
He further added that 50 percent of Indian merchandise coming to China comes through Shanghai, which signifies the strength of the bilateral trade. In 2014, Mumbai and Shanghai teamed up as sister cities. “Today, India and China are deeply integrated with the world economy and we have much in common and both nations can benefit out of it”, he stressed.
Referring to Shanghai as one of the five prosperous cities in the world, Mr Han said that it showcases China’s socialist development path. Addressing the gathering, Maharashtra’s Chief Minister Devendra Fadnavis said that although he did not want to change the character of Mumbai to Shanghai, “we need to learn how to transform the city in such a short time as Shanghai did”.
Mr Fadnavis added that Mumbai is embarking on projects of $15 billion in 2016 and the state alone has the capacity to provide work to the Chinese for a decade. “That is the capacity at which our state consumes and fortunately, Chinese companies are already entering the state. Every week, I meet a new Chinese company willing to invest and I am very happy to welcome them”, Mr Fadnavis said.
Shanghai’s Municipal Commission of Commerce and the Confederation of Indian Industry also signed a pact for establishing economic and trade partnership during a session on ‘China & India Strengthening Partnership’.
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