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India, China agree to share experiences and hold consultations on financial sector

Sunday 9 April 2006

Special Correspondent

See risks to global expansion and scope for growing economic imbalances

Both countries to play key role in shaping future global growth Both sides reiterate commitment to achieving Millennium Development Goals

NEW DELHI: India and China have expressed concern over the risks to global expansion emanating from the surge in oil prices in the international markets and the consequent growing economic imbalances.

At the first meeting of the India-China Financial Dialogue held here on Friday, the two sides asked the international community, the developed nations in particular, to strive for a successful outcome of the multilateral trade negotiations.

The two delegations were also of the view that removal of the roadblocks to global trade in goods and services was the key factor to future global growth.

The Indian team was led by Secretary, Department of Economic Affairs (DEA), Ashok Jha, while the Chinese delegation was headed by its Vice Finance Minister, Li Yong.

According to a joint statement, the two sides agreed to share their experiences and hold consultations in view of the tremendous scope in both countries in financial sector regulations. The two, the statement said, would play a key role in shaping future global growth.

It said that both countries should continue to maintain the high growth momentum and sustain the current rates, as that was a prime necessity for tackling the problems of poverty and unemployment.

The two sides reiterated their commitment to achieve the Millennium Development Goals.

The delegations exchanged information on their monetary policies in the context of the changing external environment and on designing improvement in access to finance for infrastructure, agriculture and small and medium enterprises.

See online : The Hindu

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