China’s recent developments in steady growth, people’s well-being, opening up, and win-win cooperation, as well as its willingness to strengthen communication and coordination with India, can open up new opportunities for all countries around the world, particularly its neighbours. The significance of China-India relations in facilitating an Asian Century.
China’s development priorities
- Modernization: Based on its practises and a focus on high-quality development, China is currently advancing modernization on all fronts.
- Overall development: The country intends to modernise its massive population by ensuring common prosperity for all, material and cultural-ethical advancement, harmony between humanity and nature, and peaceful development.
- New opportunities: China’s development will open up new opportunities for all countries, particularly its neighbours.
The development of China in recent years
Steady Growth:
- China’s economy grew by 3% in 2022, and the country added 12.06 million urban jobs.
- The country’s GDP increased to 121 trillion yuan (approximately $18 trillion), with annual growth of 5.2% over the previous five years and 6.2% over the previous decade, with GDP increasing by nearly 70 trillion yuan.
- China’s economic strength is steadily increasing.
People’s Well-being:
- China has historically resolved absolute poverty, with close to 100 million rural residents lifted out of poverty.
- More than 70% of government spending went towards ensuring people’s well-being.
- Basic old-age insurance now covers 1.05 billion people, a 140 million increase. Living standards are continuously improving.
Opening Up:
- China’s total volume of goods trade will exceed 40 trillion yuan in 2022, with an annual growth rate of 8.6%.
- China’s actual use of foreign capital increased by 8%, keeping the country among the top destinations for foreign investors.
- The overall tariff level has decreased from 9.8% to 7.4%. China’s doors to the outside world are becoming even more open.
Win-Win Cooperation:
- China’s contribution to global economic growth averaged 38.6% from 2013 to 2021, higher than the combined contribution of the G7 countries (25.7%).
- Since Chinese President Xi Jinping proposed it in a speech to the United Nations General Assembly in 2021, more than 100 countries have expressed their support, and over 60 countries have joined the Group of Friends of the Global Development Initiative (GDI).
Relations between China and India
- Representatives who have emerged: China and India, as neighbouring and ancient civilizations, are examples of developing and emerging economies.
- Both countries are currently in the process of national rejuvenation and a critical period of modernization in which challenges must be overcome and problems must be solved.
- More similarities than differences: China and India share far more similarities than differences.
Trade between China and India
- China and India are significant trading partners, with bilateral trade volume expected to reach $135.984 billion in 2022.
- Despite a trade deficit, India’s import of equipment and materials from China lowers the overall cost of Made-in-India products, benefits Indian downstream industries and consumers, boosts the competitiveness of Indian exports, and facilitates India’s integration into global industrial and supply chains.
Creating an Asian Century
- According to China’s Foreign Minister, the development and revitalization of China and India represent a boost to the force of developing countries, which will change the fate of a third of the world’s population and have an impact on the future of Asia and beyond.
- This is similar to what India’s External Affairs Minister S. Jaishankar stated in 2022, that the Asian Century will occur when China and India join forces.
@the end
The development of China and its relationship with India are critical for the region and the world. Both countries are in the process of modernization and must overcome obstacles. China and India are important trading partners, and their cooperation can help to facilitate an Asian Century and contribute to regional and global peace and stability.
Source: https://timesofindia.indiatimes.com/india/china-backs-eam-jaishankars-asian-century-remark/articleshow/93668076.cms#:~:text=The%20expression%20%E2%80%9CAsian%20century%E2%80%9D%20was,no%20Asian%20century%2C%20Qian%20said.