Ahead of its President’s visit here, China on Tuesday assured that it was making efforts to address India’s concerns over the ballooning trade deficit and expressed confidence that the two Chinese industrial parks to be set up in the country will help balance bilateral trade.
China’s newly-appointed Ambassador here Le Yucheng said his country was working on expanding two-way trade and as part of that China will construct two industrial parks in India in Gujarat and Maharashtra.
“During the Chinese President Xi Jinping’s visit to India, we will reach an agreement on setting up industrial parks in India. China will construct two demonstrational industrial parks in Gujarat and Maharashtra, which I believe will attract a large number of Chinese enterprises to invest in India,” Le said in an interview to PTI.
“It will be a new highlight of China-India economic and trade cooperation, and will help to balance the bilateral trade,” he said ahead of Xi’s maiden visit to the country from tomorrow.
The pragmatic cooperation between China and India has witnessed a significant improvement with substantial growth in bilateral trade in recent years, he said.
The Chinese investments expected during Xi’s visit will be aimed at addressing India’s concern of mounting trade deficit which averaged USD 35 billion in the total USD 66.4 billion trade last year.
“Due to some objective reasons such as differences of economic structure, there also exists the problem of trade imbalance between the two countries.
“It is China’s trade policy to achieve basic balance of international payments, and not deliberately pursue trade surplus. We understand India’s concern about the trade imbalance. We welcome Indian goods to the Chinese market and have made practical efforts for it,” Le said.