China and its largest South Asian trade partner India have boosted their bilateral economic and trade relations remarkably recently, witnessing 71 percent trade growth year-on-year in the first four months this year.
According to Chinese figures, China-India trade volume in the four months reached US$2.31 billion, of which China's exports to India were US$980 million, up 42 percent, while China's imports totaled US$1.33 billion, up 101 percent.
Chinese figures show by the end of 2002, 15 Chinese-funded enterprises had been established in India, involving contracted volume of US$37.2 million in fields of trade, machinery and home electric appliances, while India had 71 investment projects in China, with contracted fund of US$188 million in fields of pharmaceutics, fireproof material and wrapper-making.
By the end of 2002, China signed 178 labor exportation contracts with India, concerning contracted fund of US$1.072 billion, according to sources with the Chinese Ministry of Commerce.
As the two largest developing countries, China and India witnessed their economic exchanges upgraded from simple cargo trade to comprehensive cooperation covering trade, project contract and mutual investment, experts say.
Boasting over one third of the world population, China and India are complementary in economy, and enjoy bright prospect in economic and trade cooperation in information industry, energy, home electric appliances and transportation, experts say.
(Xinhua News Agency June 23, 2003)