China and India will strengthen cooperation in the framework of G20 – Daily Online

Spanish & gt; & gt; China

UPDATED: 08/21/2016 – 10:34

Words key:

China and India agreed to increase dialogue and cooperation within the Group of Twenty (G20) in order to improve relations between the two countries, officials said <. / p>

During his participation in the Financial Dialogue between China and India, which concluded this week in Beijing, officials from the Ministries of Finance and other key government departments agreed that it is essential for both parties to share information and experience in financial management, development of macroeconomic policies and measures of structural reform.

“Raising the level of financial exchanges and policy coordination, China and India would be establishing a mechanism more advanced to conduct investment and trade in the future at a higher level, while some gaps in terms of government policies and laws would be filled step by step, “said an Indian economist on condition of anonymity.

the two countries have already demanded a more democratic structure of global financial governance through reform of the World Bank and the International Monetary Fund (IMF). However, so far they have not found enough resources to supplement them.

“The current structure and frame are collapsing while increasing every day needs for a mechanism more resilient to do business,” he said another local economist.

for example, there have been talks on free trade between the Chinese yuan and the Indian rupee in local markets, as entrepreneurs investing in the other country face numerous obstacles in payment through a coin-third as the US dollar and the euro, said on condition of anonymity.

with the shadow of the financial crisis still hanging over Asia after the collapse of 2008, support mutual respect to the currency would help eliminate international speculation, said the economist, adding that the rupee has fallen by a third against the US dollar in five years and inflation is causing dissatisfaction of the population.

Both parties also agreed to create platforms for financial interactions while using the Asian Infrastructure Investment Bank (EBIT), the New Development Bank of BRICS and the Agreement contingency reserves of the BRICS to strengthen cooperation.

related articles: