China, India vow to expand financial cooperation
Thursday, 6 December 2007
BEIJING, Dec 5 (Xinhua): China and India signed here yesterday a joint statement pledging to expand financial cooperation between the world's two largest developing countries.
In the statement signed at the second China-India Financial Dialogue in Beijing, the two countries vowed to boost exchanges and cooperation on bond markets development, capital markets opening and financial supervision.
Both sides agreed to develop bond markets and expand channels for direct financing, gradually open domestic capital markets and boost financial supervision to guard against risks brought about by short-term cross-border capital flows.
The two countries also pledged to improve macro-economic controls, promote renewable and clean energy development and usher in more sustainable resources-saving and environment-friendly production and consumption models.
Li Yong, Chinese Vice Minister of Finance, and Indian Financial Secretary D Subbrarao co-chaired the meeting.
Li acknowledged that China and India face similar challenges brought about by fast economic growth.
The statement says that both sides have realised that the spreading subprime crisis, high oil and commodity prices, global economic imbalance and rising trade protectionism pose potential threats to global economic growth.
The robust economic growth in China and India will help the globe better guard against economic recession, according to the statement.
In the statement signed at the second China-India Financial Dialogue in Beijing, the two countries vowed to boost exchanges and cooperation on bond markets development, capital markets opening and financial supervision.
Both sides agreed to develop bond markets and expand channels for direct financing, gradually open domestic capital markets and boost financial supervision to guard against risks brought about by short-term cross-border capital flows.
The two countries also pledged to improve macro-economic controls, promote renewable and clean energy development and usher in more sustainable resources-saving and environment-friendly production and consumption models.
Li Yong, Chinese Vice Minister of Finance, and Indian Financial Secretary D Subbrarao co-chaired the meeting.
Li acknowledged that China and India face similar challenges brought about by fast economic growth.
The statement says that both sides have realised that the spreading subprime crisis, high oil and commodity prices, global economic imbalance and rising trade protectionism pose potential threats to global economic growth.
The robust economic growth in China and India will help the globe better guard against economic recession, according to the statement.