SME Times News Bureau | 19 Nov, 2012
After the once-in-a-decade leadership change in China, India believes there will be continuity and stability in its relations with its neighbour, which is its largest trading partner, Commerce Minister Anand Sharma said Sunday.
Speaking to newspersons accompanying Prime Minister Manmohan Singh to Phnom Penh for the Asean and East Asia Summit, Sharma said China had successfully completed its party Congress and India believed "there is going to be continuity and stability in relations and our engagement, which is important to both the countries and the entire region and for economic stability".
He said talks were continuing with the new Chinese leaders. "Some of us have engaged with the new leadership, both at the government-to-government level and, at a fairly structured level, between the Communist Party of China and the Indian National Congress," he said.
India-China bilateral trade hit a record $73.9 billion last year, but the ballooning trade deficit in Beijing's favour rose to over $27 billion.
The bilateral trade registered a $12.2 billion increase in 2011, taking the total to $73.9 billion as against $61.7 billion in 2010, according to official trade figures for 2011.
Chinese Vice President Xi Jinping is set to become president after his anointment as general secretary of the Chinese Communist Party, while Li Keqiang is to be the prime minister, taking over from President Hu Jintao and Prime Minister Wen Jiabao.
Prime Minister Manmohan Singh is to meet Premier Wen Monday at a bilateral meet.
The prime minister arrived at the Cambodian capital Phnom Penh Sunday to attend the 10th Asean-India Summit and the 7th East Asia Summit.
