As China and India agree to cooperate across sectors for mutually-beneficial growth, it can have a considerable positive impact on the world economy.
The world's biggest economies are showing signs of wanting to collaborate more than compete. India and China have agreed to cooperate on sourcing energy from international markets, construction of high-speed railway and development of coastal manufacturing zones as the two fastest-growing economies look to boost growth.
The fourth India-China Strategic Economic Dialogue held last month in New Delhi has resulted in agreement on a number of initiatives for mutually-beneficial growth. The Indian side was led by Arvind Panagariya, the vice-chairman of the NITI (National Institution for Transforming India) Aayog, and the Chinese side was led by Xu Shaoshi, the chairman of National Development and Reform Commission (NDRC).
According to the minutes of the meeting, the two sides have called "for a joint strategy to meet the rising energy demand through appropriate policy measures and efforts in the international energy markets." They have also agreed to adopt a new theme of closer cooperation on coastal manufacturing zone development by encouraging projects in areas like infrastructure, automobile, energy and electronics in the next one year.
High-speed trains
The two nations have agreed to push forward the feasibility study on the Delhi-Nagpur high-speed railway line and construction of the Delhi Chennai high-speed railway line. China Southwest Jiaotong University and the Training Department of the Ministry of Railways of India will hold eight training courses in the field of high-speed railway.
A review of the progress has been made on feasibility study of raising speed of existing trains and on new upcoming high-speed railway. China Railway Eryuan Engineering Group Company has given an interim feasibility study report on Chennai Bangalore - Mysore railway upgrade project to India High-Speed Railway Company.
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