China and India will strengthen cooperation in the financial
industry, said Wu Xiaoling, vice governor of the country's central
bank on Wednesday.
Wu made the remarks at a Sino-Indian financial summit held in
western India's Bombay.
The vice governor said China's financial industry will pay equal
attention to competition and cooperation, aiming to find a win-win
solution for both sides.
She said the country will give foreign financial institutions
special treatment and boost competition between domestic and
foreign companies.
Wu also encouraged Chinese financial institutions to sharpen
their competitive edge in the international market by cooperating
with foreign institutions.
The vice governor pointed out China's financial sector needs to
improve its industrial structure, management capacity and risk
control capability.
These tasks will be implemented partly through international
communication and cooperation, said Wu.
China and India face similar challenges on the path of
development and should enhance cooperation in the financial
industry, she said.
Jayant Patil, Finance Minister of India's Maharashtra agreed
with Wu, saying the GDP of the two countries accounted for 50
percent of the world's total in the nineteenth century but the
proportion dropped to 1 percent in the twentieth century.
He also said the two sides should strengthen cooperation in the
financial industry.
Statistics with the central bank show China and India have
enjoyed fast growing economic and trade cooperation since the mid
1990's. Bilateral trade volume reached US$25 billion in 2006. It is
expected the two sides will register a trade volume of US$40
billion in 2008.
(Xinhua News Agency April 5, 2007)