The strength of trade ties between China and India has soared in the past few years, with recent announcements revealing that bilateral trade between the two Asian giants will reach $65 billion for the year ending December 2016. According to Wang Shicai, Commercial Councillor at the Chinese Consulate in India, the mutual cooperation between both nations has resulted in China and India receiving a range of benefits that are expected to boost profitability and investment over the coming years. The growing partnership is particularly welcoming to India, co-chairman of CII Task Force on Ease of Doing Business K. Nandakumar added, as the country is currently in the same economic position China was around 10 years ago. “Indian exports are expected to reach $30 billion in next ten years and we have welcomed Chinese companies’ participation across sectors,” he said.
Bolstered by the success of the countries’ trade deals, India has recently hosted thousands of Chinese suppliers as part of China Machinex 2016, which focuses on a wide variety of product categories including electricity, food processing, plastic machinery, hardware and automobiles. Figures also reveal that China dominates India’s import market for consumer electronics, which have become one of the biggest goods traded between both countries. In fact, Chinese companies Huawei and Xiaomi have already set up smart phone manufacturing units in India, while a China-India technology park is being set up in China’s Hainan province to help boost technological innovation and growth. “Due to urbanisation, the electronics sector could take over the oil sector in the next five years,” Nandakumar added. This edition of China.Action.Money celebrates China and India’s burgeoning trade relationship.
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