Chinese Vice President stresses on enhancing biz ties

China today called upon the Indian industry to take advantage of the opportunities and preferential policies to increase economic cooperation between the two neighbouring countries.
Chinese Vice President Li Yuanchao said the bilateral relation of India and China are now on a new fast track with important opportunities for cooperation across the world.
Both the countries have kept an annual growth rate of over seven per cent and the combined GDP of over USD 12 trillion and a rapidly growing and huge market with a total population of 2.5 billion, he said.
He was addressing the banquet hosted by Chinese and Indian business communities here.

"Take good advantage of our preferential policies. I hope that the businesses of our two countries will follow closely the dialogues between the two governments, explore cooperation possibilities in the priority areas set by the two governments, fully leverage the preferential policies introduced by the governments and see the development of your businesses in the larger picture of the national development of our two countries," he said.
"I hope the Chinese and Indian business communities will seize the opportunities of the reform and transition in the two countries, better connect our technologies, capital and talents, so as to realise mutual complementarity and sound interaction," he added.

The bilateral trade between the countries stood at USD 72.34 billion in 2014-15. The trade gap was about USD 49 billion, which is in favour of China.

India has raised the issue of widening trade deficit with China several times and asked for greater market access to bridge the gap.
"As the business communities are staying ahead of the curve in bilateral practical cooperation, they are most creative and insightful. I count on you to carry forward the spirit of innovation, explore new areas of cooperation, offer your suggestions to the governments and contribute to strengthened ties," he said.
Speaking at the function, NIIT Chairman and MD Rajendra Pawar said that huge opportunities exists in both the countries to increase economic ties.

He asked China to give greater market access in areas such as IT sector.
Pawar said infrastructure is the major area where both the countries can increase cooperation.
About 130 Indian companies have presence in China, while over 100 Chinese firms have operation in India in sectors including infrastructure.