China and India To Utilize the G20 Framework To Enhance Cooperation to Fend Off International Speculation

PRESS RELEASE

China and India To Utilize the G20 Framework To Enhance Cooperation To Fend Off International Speculation

Aug. 20, 2016 (EIRNS)—Quoting unnamed officials and economists, China’s Xinhua news agency wrote today in an article that

"China and India have agreed to increase dialogue and further cooperate within the G20 framework, in a bid to enhance relations between the two countries."

"The shadow of financial crisis is still hanging over Asia after the 2008 financial crisis," Xinhua wrote, in light of which China and India have

"agreed to build platforms for financial interactions, while fully using the AIIB [Asian Infrastructure Investment Bank], BRICS New Development Bank and the BRICS Contingency Reserve Arrangement to enhance cooperation."

Such cooperation is needed to "help fend off international speculation."

Following the 8th high-level Financial and Economic Dialogue between China and India, held in Beijing on Aug. 19, India’s Secretary for Economic Affairs Shaktikanta Das said

"institutions like the G20 and BRICS have come to play a greater role in evolving global and regional consensus on important key issues affecting global economy,"

reported Press Trust of India (PTI).

"I see a very good opportunity for a coordinated action between India and China. From the Indian side we will also be highlighting the possibilities of further cooperation with regard to trade and investment flows. It is very important to point out that the idea of inclusiveness has been retained and has been given greater focus in G20 agenda under Chinese Presidency,"

Das said.

Xinhua turned to an unnamed Indian economist to stress the point of cooperation between the two countries:

"By upgrading the level of financial exchanges and policy coordination, China and India would be building a more advanced mechanism for carrying out future investment and trade at a higher level, while some vacuums in terms of government policy and laws will be filled step by step."