India, China hold economic dialogue, ink 11 pacts

Last Updated: Mon, Nov 26, 2012 14:30 hrs

New Delhi, Nov 26 (IANS) Imparting a fresh momentum to their bilateral ties, India and China Monday held their second strategic economic dialogue, and inked 11 accords which are valued at over $5 billion.

Planning Commission Deputy Chairman Montek Singh Ahluwalia held delegation−level talks with Zhang Ping, chairman of the National Development and Reform Commission (NDRC) of China.

The two sides held talks on a wide range of issues, including sharing of developmental experiences, looming trade deficit and greater cooperation in a host of areas, including infrastructure.

Saying that their economic cooperation has huge potential, Ahluwalia said the two countries should overcome information deficit in economic fields and seek cooperation in sectors such as water−recycling, digital science and micro−irrigation.

During the talks, Zhang said the two countries should expand communication and coordination of their macro−economic policies, learn from each other's Five−Year Plans of economic development, expand cooperation in basic economic structure, encourage investment in each other's country and explore new avenues of economic cooperation in green economy.

The two sides signed 11 agreements to galvanise economic ties between them. An agreement was signed between the Planning Commission and the NDRC for undertaking joint studies in economic policy research and development planning.

Another was signed between the Indian Railways and China's Ministry of Railways for enhancing technical cooperation in the railway sector.

Other areas in which agreements were signed included energy efficiency and IT.

Reliance Power and Guangdone Mingyang Wind Power Industry Group Co. Ltd. signed an accord for setting up a 2,500 MW renewable energy project envisaging an investment of $3 billion with project financing from China Development Bank.

Lanco Group has sealed a deal with China Development Bank for financing $600 billion Anpara Phase−II Power projects (4X660MW). NIIT and Province of Hainan joined hand to set up an IT technology park in Hainan with $800 million investment.

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