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India and China will do trade worth 100 billion dollars by 2015

Discussion in 'World Economy' started by tariqkhan18, Mar 31, 2011.

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  1. tariqkhan18

    tariqkhan18 Major Staff Member ADMINISTRATOR

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    India and China will do trade worth 100 billion dollars by 2015

    Lucknow: This was made clear by the Ambassador from China Zhang Yan at a programme held at the residence of Mayor Dinesh Sharma last evening. The ambassador said that India and China had agreed to effect trade in various fields like agriculture, electronics, etc. "During this year both the countries had done trade of $ 61 billion which reveals strong trade relations of both the countries. So, we have good prospects and I hope we can do better in future," he added.

    He stated that it has been mentioned by several countries that India and China are the fastest growing economies as both the countries are in the list of leading contributors to the world economy.

    While speaking about the political relation between the two countries, he informed that leaders of the both the countries are being visiting for tying up for the better political relations, which has laid down path of development of the nation. "This year can be said as the 'Year Of Exchange' as we have invited nearly 5000 Indians for educational, cultural, etc. exchanges and also after seeing the hospitality and culture of Uttar Pradesh we have decided to invite some from the state specially," he added.

    He informed that governments of both the countries are promoting educational exchange too as from this year in many of the Indian schools 'Chinese' language would be taught as other languages. "Similar step had been taken in China too as in many of the school 'Hindi' language is being taught to the citizens of China," he added.

    He stated that both the countries had ancient civilisations and there are some traces of trade between them during that time too. "We will be focusing on this and will do more efforts for increasing trade between the two countries," he added.

    Meanwhile, Mayor Dinesh Sharma said that in the present time the trend of connecting two cities as 'Sister Cities' has been increased so, it would honour if the cities of India and China would tie-up for benefiting each other through various means. "I request the ambassador to think over this issue as through this our cities could utilise the development techniques of each other," he added.

    The Mayor stated that for the development of the city they are using the advance techniques and through this several major works like water conservation, water recharge, sewage treatment plant and waste management has been done. "Adding to it we have developed many parks in the memories of the leaders of the nation as well as freedom fighters too along with it a traffic park has also been established," he added.

    Several judges, religious heads, vice-chancellors and other dignitaries were also present on the occasion.

    India and China will do trade worth 100 billion dollars by 2015 | TwoCircles.net
     
  2. Manmohan Yadav

    Manmohan Yadav Brigadier STAR MEMBER

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    I wonder how much Trade deficit will Increase, since we are in negative with china
     
  3. aimarraul

    aimarraul 2nd Lieutant FULL MEMBER

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    Largest trade deficit in 7 years Source: Global Times
    [11:12 March 11 2011] Comments By Song Shengxia


    China reported a trade deficit of $7.3 billion in February, the nation's largest in seven years, after Chinese New Year holiday hindered export growth.
    It was China's first trade deficit since March last year when the figure was $7.2 billion and the biggest since February 2004 when the figure was $7.9 billion.
    Exports rose 2.4 percent year on year to $96.74 billion in February while imports climbed by 19.4 percent to $104.04 billion, resulting in a trade deficit of $7.3 billion, the General Administration of Customs said Thursday.
    In the first two months this year, China posted a trade deficit of $890 million.
    The custom's bureau attributed the deficit to the weeklong Spring Festival break in early February, saying the holiday had disrupted export growth.
    The deficit mainly came from trading with ASEAN countries and Japan, the data from the bureau also showed.
    During the first two months of the year, the European Union remained China's largest trade partner, with EUChina trade up 16.3 percent year on year to $76.2 billion, while trade with the US rose 22.6 percent year on year to $60.5 billion.
    ChinaJapan trade jumped 28.8 percent year on year to $48.85 billion, making Japan China's third largest trade partner again.
    The trade deficit with Japan surged 64.5 percent to reach $9.33 billion, while the deficit with ASEAN countries increased 1.4 times to $4.36 billion.
    The data comes after Chinese Commerce Minister Chen Deming said Monday that China's trade surplus is likely to narrow for the third straight year as import growth is set to outpace export growth.
    "There is a great chance that China will continue to post a trade deficit in March and the trade surplus may pick up in the second quarter of the year," Bank of Communications said in a report released Thursday.
    In a note emailed to the Global Times Thursday, Lu Ting, an economist with the Bank of AmericaMerrill Lynch said institutional investors won't overreact to the low February trade numbers as they know the Chinese New Year distorted the figure, and could take advantage if the market mistakenly responds to the low trade numbers at their face value. The trade balance could swing back to a surplus again in the coming months, but surging oil prices could add pressure.
    "On the positive side, the falling trade surplus might alleviate pressure on the renminbi and also the need for the People's Bank of China to hike the required reserve ratio to lock up liquidity," he said.
    The county's central bank raised banks' reserve ratio to 19.5 percent from 19 percent in February.
     
    Last edited: Aug 8, 2011
  4. Manmohan Yadav

    Manmohan Yadav Brigadier STAR MEMBER

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    hehe,
    i am an Indian, just Training in Jap, will be coming back to India in 2 weeks
     
  5. aimarraul

    aimarraul 2nd Lieutant FULL MEMBER

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    oh,i hope india can ease the restriction on high-tech exports, maybe this would help ease the trade deficit
     
    Last edited: Aug 8, 2011
  6. jack

    jack FULL MEMBER

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    India-China trade to touch $100 bn in 4 yrs: Assocham

    MUMBAI: Indian-China trade would touch $100 billion in the next four years from the present $63 billion, says industry body Assocham.

    As per the Associated Chambers of Commerce and Industry of India (Assocham), the two Asian giants can emerge as world's largest trading partners by 2030. "China has already raced past United States, Britain and Japan to become India's largest trading partner.

    Indian companies can gain substantially by accessing Chinese capital goods at attractive prices by way of imports," Assocham said in a statement here. Indian exports to China jumped 68.8 per cent to $19.6 billion in 2010-11, from $11.6 billion in the previous year. Imports increased 41 per cent to $43.5 billion from $30.8 billion in the same period.

    India is the tenth largest trade partner of China, and its seventh largest export market. In India's total trade, China's share has increased to over 10 per cent.

    However, Assocham expects that government's proposal to hike tariff and non-tariff barriers on imports of some Chinese goods or to impose a complete ban on items like power and telecom equipment will send negative signals to India's trade partners and affect investment climate in key sectors.

    "Economic relations between India and China are among the most significant in current global economic scenario," Assocham secretary general D S Rawat said in the statement, adding that the trade gap must come down. "Indian companies must widen product portfolio to increase exports of finished, value-added products," he said.

    India and China entered a trade agreement in 1984, granting each other the status of Most Favoured Nation (MFN).

    "There are complementarities as India has excelled in services sector, especially in knowledge-based services, while manufacturing has emerged as mainstay of Chinese economy," Rawat said. Indian exports to China mainly consist of metals, ores, iron and steel and cotton, while imports are electrical machinery and equipment, nuclear reactors and boilers, organic chemicals, fertilisers, iron and steel.

    Link:India-China trade to touch $100 bn in 4 yrs: Assocham - The Times of India
     
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