Ojaank IAS Academy




India and China

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When India holds the presidency of both the G-20 and the Shanghai Cooperation Organization (SCO) in 2023, Indian diplomacy will reach a zenith. The country of China, which recently hosted “two sessions”—the annual meetings of the National People’s Congress of the People’s Republic of China and the National Committee of the Chinese People’s Political Consultative Conference—is also a main point of interest. Here are some details about China’s growth.

On many fronts, modernization is being advanced in China. Here, high­quality development is the centre of the modernization approach, which is based on Chinese principles. It denotes the modernization of a sizable population, where there is shared wealth for all, advancement in both the material and cultural spheres, harmony with nature, and peaceful growth. All nations will benefit from new chances as a result, particularly nearby nations.

China and India, two neighboring and historic civilizations with a combined population of 2.8 billion, serve as exemplars of developing nations and burgeoning economies. Both India and China are through a process of national renewal and are in a critical stage of modernization when difficulties must be surmounted and issues must be resolved. There are much more shared interests between China and India than not.

There are four main points that may be used to summarise China’s recent progress.

Stable growth is the first. China’s economy expanded by 3% in 2022, adding 12.06 million new urban employment. China’s GDP expanded by over 70 trillion yuan during the preceding ten years, or about $18 trillion, to reach 121 trillion yuan (around $18 trillion). This represents an annual growth rate of 5.2% over the previous five years and 6.2% over the same period. China’s economic might is always increasing.

The “well-being of people” is the second. China has historically eradicated absolute poverty, lifting about 100 million rural citizens out of poverty as a consequence of sustained efforts over the previous eight years. The well-being of the population received more than 70% of government spending. 1.05 billion individuals are now covered by basic old age insurance, an increase of 140 million. The level of living keeps becoming better.

Opening up” is the third step. At an annual growth rate of 8.6%, China’s total volume of goods trade hit 40 trillion yuan in 2022. China continued to be one of the top destinations for foreign investors despite an increase of 8% in its actual usage of foreign money. The overall tariff level is now down to 7.4% from 9.8%. The country of China is becoming more open to the outside world.

Win­win collaboration” is the fourth option. China’s average contribution to global economic growth from 2013 to 2021 was 38.6%, above the combined contribution of the G7 nations (25.7%). More than 100 nations have shown their support for the Global Development Initiative (GDI) since Chinese President Xi Jinping first mentioned it in a speech at the UN General Assembly in 2021, and more than 60 nations have joined the Group of Friends of the GDI.

The magnitude of their bilateral commerce, which is expected to reach $135.984 billion in 2022, makes them significant trading partners. Even though there is a trade deficit, India’s imports of machinery and supplies from China lower the overall cost of “Made in India” products, benefit Indian consumers and downstream industries, boost the competitiveness of Indian exports, and ultimately make India more easily incorporated into global supply and industrial chains.

The Chinese side is pleased to see more high-quality Indian commodities, cultural products, and other items entering the Chinese market since the Chinese market is open to India. Chinese business investments have helped India’s economy grow and provided a significant number of jobs for Indian citizens. We expect that the Indian side would be able to offer Chinese businesses operating in India a fair, reasonable, and non-discriminatory business environment.

Chinese Foreign Minister Qin Gang stated during a recent meeting with India’s External Affairs Minister S. Jaishankar that China and India’s development and revitalization represent a boost to the force of developing countries; it is one that will alter the fate of a third of the world’s population and have an impact on the future of Asia and beyond. This confirms Mr. Jaishankar’s assertion from 2022 that China and India’s union will usher in the Asian Century.

China is prepared to improve coordination and communication with India, work alongside India to modernize, protect the legitimate rights and shared interests of developing nations, and contribute to regional and international peace and stability.

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