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Amid boycott, India-China trade volume at record high of $100bn: Report
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SME Times News Bureau | 27 Dec, 2021
Amidst repeated domestic boycotts of Made-in-China, trade volume between
India and China hit a record high of $100 billion by November, the
Global Times reported citing the latest data from the Chinese General
Administration of Customs.
Chinese state media pointed out that
while there are those in India who are concerned about the trade
deficit, advocating not to rely too much on trade with China, the data
speaks for itself.
"Whatever the political considerations of
these people, seeing China as India's enemy should not be an option for
India and one that India cannot afford to make. Further increasing
cooperation is the right choice," the Global Times report said.
India
has long hoped to reduce its trade deficit with China, but making
bilateral trade more balanced cannot be done by curbing Chinese exports
to India, which would only hurt the Indian economy. Further boosting
China's imports from India is the right way to go, and there is room for
coordination between the two sides in this regard, and it should be a
joint effort, the report said.
The record two-way trade provides
the best evidence of the two countries' economic complementarities and
the strong resilience of bilateral economic relations. In particular, by
importing Chinese products at relatively low prices, India has saved
more foreign exchange reserves and improved capital efficiency, Global
Times reported.
Also, India's large imports of machinery and
electronics from China and Chinese investment in the country's
smartphone sector have greatly served the needs of the Indian people and
boosted Indian exports to third countries, it added.
"Cooperation
in manufacturing between India and China has great potential, and this
cooperation will also create the basis for a more balanced trade between
the two countries in the future. Therefore, India needs to unwind some
of its inappropriate practices towards Chinese investment," the report
added.
"Like it or not, India is already tightly connected to
China and embedded in the international supply chain. The challenge for
both sides is not who will replace whom but how to work together to
strengthen their positions in the global supply chain."
"It
would only mean greater danger if China-India commerce were not deepened
but gradually disconnected," the Chinese state media warned.
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As on 13 Aug, 2022 |
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