Industry News

9th China-India Financial Dialogue Held in New Delhi

September 25, 2019

Zou Jiayi, Vice Minister of Finance, and her Indian counterpart, Shri Atanu Chakraborty, co-chaired the 9th China-India Financial Dialogue held in New Delhi on September 25, 2019.  

Senior officials from the Ministry of Finance, Ministry of Foreign Affairs and financial regulatory authorities of the two countries also attended the meeting. In-depth discussions were held and important consensuses were reached on the macroeconomic situation and policies, cooperation under the multilateral framework and bilateral investment and financial cooperation. 

Zou said President Xi Jinping’s meeting with Prime Minister Narendra Modi in Wuhan in 2018 set the direction for the healthy development of China-India relations. The China-India Financial Dialogue will further implement the consensus between leaders of the two countries in the field of finance and promote pragmatic cooperation.  

First, it’s necessary to strengthen macroeconomic policy coordination, actively respond to common challenges, and promote mutual learning from each other’s experiences in structural reform and industrial development. Second, it’s necessary to strengthen cooperation under the G20 and BRICS mechanisms, safeguard multilateralism, accelerate the progress of multilateral development institutions such as the New Development Bank and the Asian Infrastructure Investment Bank, and improve global economic governance. Third, efforts are needed to deepen bilateral  fiscal and monetary cooperation, break down institutional and policy barriers to investment cooperation from a long-term strategic perspective and in a constructive manner, and explore new areas of cooperation while taking into account development needs and comparative advantages. 

Chakraborty said bilateral relations have witnessed a fast track of development since the meeting of Prime Minister Narendra Modi and President Xi Jinping last year. A financial dialogue is important to implement the consensus between the two leaders. China is an important economy in the world and is India's largest trading partner. Both India and China are developing countries, with their population accounting for nearly one-half of the world’s total, and are important drivers of global growth. The two sides share similar positions on many issues. They should strengthen mutual learning from each other’s development experiences, enhance cooperation under the multilateral framework, communicate closely, and raise the voice of developing countries. Amid efforts to promote the Make in India initiative, India has made considerable progress in investment, manufacturing and technology innovation, with a rising consumption and better business environment. It’s hoped that China will further increase its investment in India and explore more business opportunities. The two countries should also strengthen cooperation in the financial sector and pay close attention to each other's concerns in order to further promote mutual benefit, win-win cooperation, and close partnership. 

The two sides affirmed their fruitful cooperation under the multilateral framework and pledged to work together with other BRICS member countries to promote the membership expansion of the New Development Bank and facilitate consensus building. They will further strengthen exchanges of tax policy bilaterally and multilaterally, and boost cooperation in banking, insurance, securities and other fields. They will also create conditions for private sector participation in infrastructure construction through the PPP model on the basis of equality and mutual benefit. 

A joint statement was issued at the conclusion of the 9th China-India Financial Dialogue.