India, China seek greater say in international financial institutions
India and China have said their robust economic growth would help enhance risk resilience of the world economy.
By PTI |
BEIJING: India and China have said their robust economic growth would help enhance risk resilience of the world economy, as they pledged to draw on each other's development experience and add more muscle to their combined efforts in financial and fiscal fields.
The two Asian giants have also identified a sub-prime crisis spread, increasing oil and commodity prices, global economic imbalance and trade protectionism exacerbation as factors that enlarge potential risks to them to continue economic growth.
The two sides, at the China-India Second Financial Dialogue here, shared the view that the macro-economic situation in both countries was favourable and the two economies had sustained steady and rapid growth, a joint statement signed by the two countries yesterday said.
"China and India will both play an active role for the steady growth of the world economy," it said.
China and India also decided to make a combined effort to push for their case for having greater say in the management of international financial institutions, including the World Bank, International Monetary Fund and the Asian Development Bank, Finance Secretary Subba Rao, who led the Indian side, told reporters last night.
Finding a common ground, the two countries sought greater role "both to our position at the board level and to our position at the executive management level (in the international financial institutions)," Rao said.
The Chinese team was led by Li Yong, Vice Minister in the Ministry of Finance of China, at the dialogue, a mechanism established by the two countries to strengthen mutual understanding and cooperation in the fiscal and financial areas.
The two Asian giants have also identified a sub-prime crisis spread, increasing oil and commodity prices, global economic imbalance and trade protectionism exacerbation as factors that enlarge potential risks to them to continue economic growth.
The two sides, at the China-India Second Financial Dialogue here, shared the view that the macro-economic situation in both countries was favourable and the two economies had sustained steady and rapid growth, a joint statement signed by the two countries yesterday said.
"China and India will both play an active role for the steady growth of the world economy," it said.
China and India also decided to make a combined effort to push for their case for having greater say in the management of international financial institutions, including the World Bank, International Monetary Fund and the Asian Development Bank, Finance Secretary Subba Rao, who led the Indian side, told reporters last night.
Finding a common ground, the two countries sought greater role "both to our position at the board level and to our position at the executive management level (in the international financial institutions)," Rao said.
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The Chinese team was led by Li Yong, Vice Minister in the Ministry of Finance of China, at the dialogue, a mechanism established by the two countries to strengthen mutual understanding and cooperation in the fiscal and financial areas.
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