General Awareness Topic : Xi Jinping & Modi take Sino-Indian ties forward

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Published : Monday, 22 September, 2014 10:58 AM  
 
MBA aspirants must be updated with General Awareness on current topics. General awareness topics with analytically drawn conclusions will benefit you in Essay writing / GD & PI. Today, you will read General Awareness Topic: 
 
Xi Jinping & Modi take Sino-Indian ties forward 
 
Backgrounder 
 
India and China have shared cordial relationship in the last 2000 years but over the last 70 years, the boundary dispute between the two Asian giants has remained the major hurdle in bringing one of the oldest civilizations closer. 
 
India and China share a complex relationship not only over the boundary dispute but also over their growing regional ambitions and encirclement strategies in each other's neighborhood. China is engaged in port development and other activities in Pakistan, Sri Lanka, Bangladesh and Myanmar.
 
The latest visit to India by Chinese President Xi Jinping is seen as an attempt to bring one of the two oldest civilizations closer once again when Japan and the United States are trying to woo India to contain China. During the last few years, several incidents of intrusion of Chinese army into the Indian Territory have been reported; however, the Chinese troops started pulling back from the disputed border when Chinese premier was in India. 
 
On border issue, Chinese president has said that both sides should continue with friendly cooperation and the pursuit of an equitable solution in a fair way acceptable by both countries. Apart from boundary issue, there are many more areas where India and China can grow and prosper with mutual cooperation.
 
Sino-Indian ties Forward 
 
China is currently India’s largest trading partner and enjoys the surplus trade balance to the tune of USD40 billion. India has been pushing for more investment to narrow the trade deficit and China has pledged the investment of more than USD 65 billion. Some other major agreements signed During Xi Jinping visit are as under –
  • Opening a New Route for Indian Pilgrimage (Kailash Mansarovar Yatra) to the Tibet Autonomous Region
  • Both the sides have decided to cooperate in Railways and agreed to enhance cooperation in the Railway sector including speed-raising, studying feasibility of cooperation in High-Speed Railways, heavy haul transportation training of Indian Railway personnel, redevelopment of Railway stations, setting up of a Railway University in India, etc.
  • Both the sides agreed to work for reduction of bilateral trade imbalance; strengthening investment cooperation to realize USD 20 billion investment from China in 5 years; a transparent, stable and investor friendly business environment; and enhanced cooperation between Chambers of Commerce and financial sectors.
  • Agreement on mutual administrative assistance and co-operation in customs matters where both the sides will cooperate to fight trans-border economic crimes and custom offences through sharing of information. It would also facilitate trade through enhanced customs cooperation.
  • Memorandum of Understanding (MoU) was signed between Indian Space Research Organisation and China National Space Administration on Cooperation in the Peaceful use of Space. The MoU enables both sides to encourage exchange and cooperation in the exploration and use of outer space for peaceful purposes, including Research and development of scientific experiment satellites, remote sensing satellites and communications satellites.
  • Agreement was signed on developing Sister-City relations between Mumbai and Shanghai. It will enhance people-to-people exchanges fostering greater mutual understanding.
  • China also laid emphasis on building of Bangladesh-Myanmar-India-China (BMIC) corridor. This corridor can assist in the development of secluded north-eastern region; however, India has its inhibitions due to Chinese interests and claims in north-eastern region.  
India has already embarked on the process of building win-win relations with China. While the Chinese economy has started showing the signs of slowdown, India needs huge infrastructural investments to boost its growth. India is a huge potential market for Chinese products and services as well as an attractive destination for the Chinese capital. In this manner, both India and China can enjoy a win-win relation on a sustainable and long term basis.
 
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