China proposes India to join efforts in creating a “mega-regional market”
China on Tuesday proposed a thought of building a “mega-regional market” with India to mine the huge demand of over 2.5 billion people of both the countries.“China and India have different political systems but practise market economy. These are the only two countries with more than 1 billion people each. There is huge potential in (creating) market demand, further (creating) international market demand at a deeper level and at a mega-regional market level,” said Li Wei, president of the Development Research Centre (DRC) of the State Council (China’s cabinet).
Enhanced mega-regional market co-operation between China and India, Li said, will be a win-win situation and help extend the two market segments. Li, who was speaking at the 3rd round of dialogue between the DRC and India’s NITI (National Institution for Transforming India) Aayog, described India’s demographic advantage, its efficiency in the program industry and low labour costs as being complementary to China’s experience in growing infrastructure and lifting vast sums of men and women out of poverty.
In his talk, NITI Aayog vice-chairman Rajiv Kumar said India was in the position to take over as a driver of high growth for the next three decades.“I think now perhaps all of us agree that given the circumstances globally and in Asia, maybe India can take over the baton of higher growth from China for the next 30 years,” he said.
“Now, India must follow suit. For that people need to focus on and achieve the higher level of progress of work,” he said. “It is imperative that the two countries work together and help each other to develop further. “While you (China) are vacating those spaces, India would do well to invite Chinese investment so that those spaces we can fill and generate employment,” Kumar said.
The DRC-NITI Aayog dialogue provides “an important platform for both sides to discuss key macroeconomic issues impacting both countries and areas of mutual interest”, an Indian embassy statement said.
Source- Hindustan Times