India, China hold strategic dialogue

February 22, 2017

Beijing, Feb 22: China and India today held their upgraded strategic dialogue to shore up bilateral ties amid hectic parleys to resolve differences over Beijing's reluctance to support India's NSG bid as well as a UN ban on JeM chief Masood Azhar. Just before the dialogue, Foreign Secretary S Jaishankar held talks with Chinese Foreign Minister Wang Yi. Welcoming Jaishankar, co-chair of the dialogue, Wang said China and India are two major developing countries and emerging markets besides important nations in the world.

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"We have to have frequent meetings," he said, referring to high-level talks held by officials from both sides on critical issues before today's dialogue. The official-level meetings made very good foundation for the "successful strategic dialogue", he said, adding that the Chinese side attaches importance to "this reconstituted dialogue". "I am certain by raising the level of this strategic dialogue the two sides will be able to enhance their strategic communication, reduce misunderstanding and build more trust and deepen our strategic cooperation," Wang said.

"This way we can better tap into the potential of our bilateral relations and live up to our responsibilities" for the regional stability. In his response, Jaishankar said, "This is the first time that the restructured strategic dialogue is taking place". "This shows that our relationship today has gone well beyond bilateral manifestations," he said.

Stating that the two countries are members of G20, Shanghai Cooperation Organisation (SCO), BRICS and the East Asia Summit, he said this will "allow us to find more common ground on more issues". Later, Jaishankar along with China's Executive Vice Foreign Minister Zhang Yesui held the strategic dialogue.

In his opening remarks at the dialogue, Jaishankar said, "We have truly transcended the bilateral dimension of our relations. What happens between India and China has both great global and regional significance.

"Our assessment coming in is that our bilateral relations have really acquired a very steady momentum over many years. Our leadership-level meetings have been taking place regularly and our economic engagement is growing. We are seeing cooperation on many international issues and our border areas have maintained peace and tranquility," he said.

"Overall the closer development partnership has been unfolding," he said. Apparently referring to differences, Jaishankar said, "there are natural issues which neighbours have" and it is the responsibility of both the countries to address them. Zhang said "I expect that we discuss the full range of issues that are important to our countries".

Several top officials from both sides, including those in-charge of nuclear disarmament issues, were present at the talks indicating that both sides will be discussing India's entry into the Nuclear Suppliers Group (NSG) besides other issues.

The talks were being held in the backdrop of vocal differences between the two countries on a host of issues including India's concern over the USD 46 billion China-Pakistan Economic Corridor (CPEC), Beijing's reluctance to back India's application to join the NSG and the UN ban on Azhar.

The strategic dialogue was upgraded during Chinese Foreign Minister Yi's visit to New Delhi last year. China has deputed Zhang, also the head of the influential Communist Party of China (CPC) committee of the Chinese Foreign Ministry to co-chair the talks.

Ahead of today's talks Jaishankar, who formerly worked as India's Ambassador to China, met China's top diplomat Yang Jiechi yesterday and held talks with him on the critical issues bedevilling the bilateral ties. During their talks, both Yang and Jaishankar expressed strong commitment to develop positive relations despite differences.

Yang, who is the State Councillor and Beijing's Special Representative for border talks between India and China, had said despite differences, relations between the two sides had a positive growth last year.

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Agencies
June 16,2020

India continues to remain ranked 43rd on an annual World Competitiveness Index compiled by Institute for Management Development (IMD) with some traditional weaknesses like poor infrastructure and insufficient education investment keeping its ranking low, the international business school said on Tuesday.

Singapore has retained its top position on the 63-nation list.

Denmark has moved up to the second position (from 8th last year), Switzerland has gained one place to rank 3rd, the Netherlands has retained its 4th place and Hong Kong has slipped to the fifth place (from 2nd in 2019).

The US has moved down to 10th place (from 3rd last year), while China has also slipped from 14th to 20th place. Among the BRICS nations, India is ranked second after China, followed by Russia (50th), Brazil (56th) and South Africa (59th).

India was ranked 41st on the IMD World Competitiveness Ranking, being produced by the business school based in Switzerland and Singapore every year since 1989, but had slipped to 45th in 2017 before improving to 44th in 2018 and then to 43rd in 2019.

While its overall position has remained unchanged in the 2020 list, it has recorded improvements in areas like long-term employment growth, current account balance, high-tech exports, foreign currency reserves, public expenditure on education, political stability and overall productivity, the IMD said.

However, it has moved down in areas like exchange rate stability, real GDP growth, competition legislation and taxes.

Arturo Bris, Head of Competitiveness Center at IMD Business School, said India continues to struggle on the list and the recent country rating downgrade by Moody’s reflects the uncertainties regarding the economy’s future.

"In our ranking this year, we again emphasize the traditional weaknesses of India -- poor infrastructure, an important deficit in education investment, and a health system that does not reach everybody. For India to follow the path of China, it must stress its intangible infrastructure," Bris said.

"In a less global world, with China, USA, and Europe looking inwards, currencies like the rupee (and the Brazilian real for instance) are going to suffer and display high volatilities.

"Moody’s has threatened the country with a downgrade to junk and that would put India in a terrible position to attract foreign capital. So the urgency for the government should be to fix the short-term problems—and this requires to improve the credibility of the government itself," Bris added.

With the exception of Singapore, the Philippines, Taiwan and the Korean Republic, most Asian economies dropped in rankings this year, the IMD said.

The reason for the Asian economies’ less stellar performance as a region, this year is partly the result of the trade frictions between China and the US, particularly because these economies are highly dependent on trade with China.

About Singapore, which moved to the top rank last year, the IMD said its position is largely driven by the relative ease of setting up business, availability of skilled labour and its cutting-edge technological infrastructure.

The IMD said the impact of COVID-19 on the competitiveness ranking has partially been captured by executives’ opinions about the effectiveness of the different health systems.

In the ASEAN countries included in the survey, only Singapore and Thailand have a positive performance in the effectiveness of the health infrastructure.

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News Network
June 11,2020

Beijing, Jun 11: Floods and mudslides in south China have uprooted hundreds of thousands of people and left dozens dead or missing, state media reported Thursday.

The bad weather has wreaked havoc on popular tourist areas that had already been battered by months of travel restrictions during the coronavirus outbreak.

Torrential downpours unleashed floods and mudslides that caused nearly 230,000 people to be relocated and destroyed more than 1,300 houses, official state news agency Xinhua reported, citing the Ministry of Emergency Management.

In southern Guangxi Zhuang Autonomous Region, six people were reported dead and one missing, Xinhua said.

Streets were waterlogged in popular tourist destination Yangshuo, forcing residents and visitors to evacuate on bamboo rafts.

The local government said more than 1,000 hotels had been flooded and more than 30 tourist sites damaged.

One owner of a family-run hotel told Xinhua that the guest rooms were submerged in one metre (three feet) of rainwater.

The extreme weather has dealt a hefty blow to the region's tourism sector, which is still reeling from the COVID-19 epidemic.

The emergency management ministry said there were direct economic losses of over 4 billion yuan (more than $550 million) from the flooding, Xinhua reported.

In Hunan Province, at least 13 people were killed in rain-triggered disasters, and another eight people are missing or killed in southwestern Guizhou province, according to the local emergency response departments, Xinhua said.

The heavy downpours began at the beginning of June and have led to "dangerously high water levels" in 110 rivers, Xinhua reported.

Further rainstorms are expected in the next few days across the south.

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News Network
March 6,2020

Mar 6: UK stocks fell again on Friday as growing economic risks from the coronavirus outbreak shattered investor confidence, with Britain recording its first death from the pathogen.

A 1.5% fall for the FTSE 100 erased the blue-chip index's gains from earlier this week. Export-heavy companies have now lost over $230 billion in value since the epidemic sparked a worldwide rout last week.

The domestically focussed mid-cap index was down 1.9%.

Cruise operator Carnival dropped 4.2% to its lowest level since 2012, a day after its Grand Princess ocean liner was barred from returning to its home port of San Francisco on virus fears.

Britain said an older person with underlying health problems had succumbed to the flu-like virus on Thursday, while the number of infections jumped to 115.

In company news, drug maker AstraZeneca fell 1% after it said its treatment for a form of bladder cancer failed to meet the main goal of improving overall survival in patients in a late-stage study.

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