China, India and the promise of the power of two

Source- The post is based on the article “China, India and the promise of the power of two” published in “The Hindu” on 16th March 2023.

Syllabus: GS2- Bilateral grouping and agreements

Relevance– India and China bilateral relationship

News– The year 2023 marks a high point in India’s diplomacy, with its presidentship of theShanghai Cooperation Organisation (SCO) and the G­20. The focus is also on China whichheld important “two sessions” recently.

What is the Chinese perspective about its growth trajectory?

China is advancing modernisation on all fronts. Here, the path to modernisation is focused on high ­quality development.

China has achieved “steady growth”. In 2022, China’s economy grew by 3%. A total of 12.06 million urban jobs were added. China’s GDP has registered an annual growth rate of 5.2% over the past five years. China’s economic strength is steadily reaching new heights.

The focus is upon “people’s well being”. China has historically resolved absolute poverty. It has alleviated close to 100 million rural residents from poverty. Over 70% of the government’s expenditure went toward ensuring people’swell-being. Living standards continue to witness newimprovements.

China is “opening up”. In 2022, China’s total volume of trade in goods exceeded 40 trillion yuan. It registered an annual growth rate of 8.6%. The country remained one of the top destinations for foreign investors.

China’s development has led to “win-win cooperation”. In the period 2013-­2021, China’s contribution to global economic growth averaged 38.6%. It is higher than that of G7 countries combined.

Xi Jinping proposed the Global Development Initiative (GDI) in a speech at the UNGA in 2021. More than 100 countries have expressed their support and over 60 countries have joined the Group of Friends of the GDI.

What are areas of convergence between India and China?

Both countries are neighbours and ancient civilisations with a combined population of 2.8 billion. They are representatives of developing countries and emerging economies.

India and China are both in the process of national rejuvenation and a crucial period of modernisation. China and India have far more common interests than differences.

Bilateral trade volume reaching $135.984 billion in 2022, though there is a trade deficit.

Investments by Chinese enterprises have created a large number of jobs for the Indian people and contributed to India’s economic development.

In his recent meeting with India’s External Affairs Minister.Chinese Foreign Minister Qin Gang said that the development and revitalisation of China and India give a boost to the force of developing countries.

It will change the destiny of a third of the world’s population. It will impact the future o