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What Chinese media is saying about Modi Xi summit in Wuhan

Economic ties between China and India have become closer in recent years, a report by state-run Xinhua news agency said amid the meeting between Narendra Modi and Xi Jinping at Wuhan

india Updated: Apr 27, 2018 19:19 IST
PTI, Wuhan
Wuhan,Xi Jinping,Chinese media
Chinese President Xi Jinping and Prime Minister Narendra Modi shake hands as they visit the Hubei Provincial Museum in Wuhan, Hubei province, China.(Reuters Photo)

As Prime Minister Narendra Modi and President Xi Jinping began their two-day summit, an official status report in Wuhan on India-China relations said a closer economic relationship is now part of bilateral ties.

Economic ties between China and India have become closer in recent years, the report by state-run Xinhua news agency said.

The two economies are highly complementary and have good potential for increased cooperation, it said.

The report pointed out that bilateral trade reached a record high of $84.4 billion last year, up 20.3% from 2016, the fastest growth for five years.

It said China has become the largest trading partner of India, with imports rising by more than 40% in 2017. Bilateral trade in Q1 hit $22.1 billion, up 15.4% year-on-year.

Chinese and Indian businesses signed 101 trade agreements in March, with a total contract value of $2.4 billion, it said.

The report said Chinese investment in India added up to more than $8 billion by the end of 2017, with India an important destination for infrastructure cooperation and investment.

Indian investment in China has grown by an average of 18.5% during the past three years, it said adding, Chinese smartphone brands are popular in India. It said Xiaomi has a market share of 27% and shipped nearly 8.2 million units in Q4 of 2017.

The report said China and India are home to over 35% of the world’s population and contribute about 20% of global GDP.

First Published: Apr 27, 2018 19:19 IST