India and China on Thursday held high-level comprehensive dialogue on a host of financial issues to identify areas of convergence to step up their cooperation in the international and bilateral economic spheres.
The talks between the delegations headed by India's Finance Secretary Ashok Chawla and Chinese Vice Finance Minister Zhu Guangyao were held in the backdrop of tense stand off between the two countries over denial of visa to Indian Army's Northern Command Chief, Lt General BS Jaswal, to join the military delegation for talks with defence officials here.
The Chinese move prompted India to put on hold all defence exchanges between the two countries.
Today dialogue on financial issues is the fourth round. It is being held every year as part of new diplomatic architecture to enhance strategic cooperation on trust between the two countries.
Zhu in his welcome remarks to the Indian delegation said global economy faced a lot of unstable factors and uncertainties even though it started stabilising and recovering from the global financial crisis.
"In the face of common serious challenges it is important to strengthen our cooperation in the financial areas between China and India. This will be beneficial to the economic development of the two countries."
The financial dialogue is very important as it focussed on national economic situation of the two countries which were trying to generate quality growth. "Also it focuses on how to better the coordination of the policy stance of the two countries in important global economic and financial affairs," he said.