World has enough space for India, China to prosper: Wen

Updated on Wednesday, December 15, 2010, 17:59  Print  Email  Buzz up!

Zeebiz Bureau New Delhi: Rejecting the "dragon" and "elephant" comparison made between China and India, Chinese Premier Wen Jiabao Wednesday said there is enough space for both the two Asian nations to develop and prosper. "China and India are partners for cooperation and not rivals in competition. There is enough space in the world for the development of both China and India and there are enough areas for us to cooperate," he said addressing industry leaders of the two countries at a meeting organised by the apex chambers here. He said some people described China and India as economic competitors and likened them to a dragon and an elephant. "I don't agree with such a view and I don't think business people agree either," Wen said.   He said both the countries stand to gain from economic cooperation. With a combined population of 2.5 billion, which accounts for two-fifths of the world's population, "We are both in process of rapid industrialisation and urbanisation accompanied by fast and sustainable economic growth." Making out a case for liberalising bilateral trade (about USD 49 billion till January-October 2010), Wen said, liberalisation of the markets hold huge potential for the domestic markets of the two countries. "By opening markets to each other, we will be most dynamic economies and can support each other in economic development," he said. Greater access for Indian companies Wen also said China may give greater access to India's IT, pharmaceutical and agricultural industries. Chinese companies will sign more than USD 16 billion worth of deals, Wen said. China is India's largest trade partner and bilateral flows are expected to hit $60 billion in this fiscal year ending March 2011, though the trade is skewed heavily in China's favour. Though China has mooted the idea of free trade agreement, India has not favourably responded considering a huge trade imbalance to Indian industry. The Chinese Premier is accompanied by a large delegation of business leaders from different sectors, mainly in the infrastructure areas. -With agency inputs