China, India push for cooperation in various sectors

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The fifth China-India Strategic Economic Dialogue was held in Beijing on Saturday. China and India - the world's second and seventh largest economies - pushed for cooperation on new projects in the areas of railways, the energy sector, and high-tech industries.

Chinese officials said the two nations, both developing countries, should fight trade unilateralism together. In the meantime, the Indian side said it has begun a 15-year development plan, which is along the same lines as Beijing's "Made in China 2025."

Fifth Meeting of China-India Strategic Economic Dialogue is held in Beijing April 14, 2018. /CGTN Photo.

One month before the meeting, Indian newspaper Deccan Herald reported that Indian Prime Minister Narendra Modi "seeks to ease strain in India-China ties” and India would like to “mend fences.” The two nations had a military face-off in 2017 in Donglang, an area in China's Tibet Autonomous Region bordering Bhutan, which lasted two months.

However, bilateral trade hit 84.4 billion US dollars last year, a record high, and the two countries signed 101 trade agreements worth some 2.4 billion US dollars in March this year.

Experts say China and India can't afford to compromise their economic ties, regardless of conflict.

"China has achieved remarkable economic progress in the past five decades, which provides valuable lessons to India's development. And China's inclusive and responsible attitude towards globalization for the economic reform (and opening) attracts India's attention and gives them more confidence," said Liu Chunsheng with Central University of Finance and Economics.

"India's attitude is contradictory. It's hesitating to participate in it, (but also) worrying about being left behind and trying to use some resources for its own interests," added Liu.