Further steps of deepening reform in China have been adopted at the third plenary session of the 18th central committee of the Communist Party of China (CPC) held last month in Beijing.
China has set off a new round of reform that will have a profound impact not only on its domestic economy, but also on the development of the Asia-Pacific region and the world at large.
It surely will usher in new prospects for cooperation between China and India aimed at common development and prosperity when China is implementing measures of comprehensively deepening reform.
Among the proposals at the third plenary session, deepening economic reform is the principle task. The 'decisive' role of the market in allocating resources is affirmed.
The overall objective of the reform is to improve and develop socialism with Chinese characteristics, and push on with the modernisation of the country's governing system and capabilities. It is stated that decisive results must be achieved in key sectors by 2020.
The above goal coheres with the 'Chinese Dream' proposed by President Xi Jinping to achieve the rejuvenation of China.
It is also consonant with the 'Two Centenary Goals' put forward by the 18th CPC national congress, namely, to fully complete the attainment of a moderately well-off society by the time of the 100th anniversary of the founding of the CPC in 2021, and to build China into a prosperous, strong, democratic, culturally advanced and harmonious socialist modern country by the time of the 100th anniversary of the founding of the People's Republic of China in 2049.
The international situation is undergoing profound changes while the weight of world power is shifting to the Asia-Pacific region.
Given this, the Sino-Indian relationship constitutes one of the most important bilateral relations in the 21st century. In recent years, our bilateral relations have maintained a healthy and stable development.
From the strategic and long-term perspective, both sides have made efforts to deepen the integration of mutual interests.
The two prime ministers realised reciprocal visits within a year for the first time since 1954. Exchanges and cooperation in political, economic, educational, cultural and other areas keep expanding as well, bringing tangible benefits to both the countries.
China is committed to building up a new type of economic system by renewed reform, aimed at a higher level of opening-up, creating a bigger market and more space for development, making greater contributions, therefore, to the recovery and growth of the world economy.
India is both an important neighbour to China and a key partner in multilateral cooperation. Both China and India are the world's largest developing nations and emerging economies.
China's further reform and development offers more space for mutually beneficial cooperation.
China and India could focus on the following: First, the two sides can share experiences in governance, reform and opening up. Second, while China is committed to further expanding and opening up in service sectors such as finance, India, with its highly developed service sector, may grasp the opportunity to explore the Chinese market.
Third, along with the process of China's experimental free trade zones, cooperation related to regional trade arrangements could be discussed. Fourth, the reform to further facilitate investment abroad will bring more Chinese enterprises to invest in such sectors as infrastructure and manufacturing in India.
The establishment of Chinese industrial parks may also be considered to attract more Chinese enterprises to India. The supplementary advantages of the two economies will be fully utilised.
Wei Wei is the Chinese ambassador to India
The views expressed by the author are personal