INDIA & CHINA SIGN
HU Jintao has sealed the historic
first visit by a Chinese president to India with the signing of a
“10-pronged strategy” aimed at achieving a sweeping improvement in
relations between Beijing and New Delhi.
The strategy takes in plans for an
India-China Year of Friendship in 2007. And it features what is described
as “a paradigm shift” that opens the door to possible civilian nuclear
co-operation, “consistent with ... international obligations.”
Special representatives dealing with
border disputes between the two countries have been instructed to work
towards a final settlement “at an early date.”
Significantly, given the way the
economies of the two Asian giants are growing, Mr Hu and Dr Singh have set
an ambitious target of enhancing bilateral trade to $US 40 billion - double
the current level - by 2010.
Dr Singh and Mr Hu emphasised that
the India-China relationship was of “global strategic significance” and
said in a statement: “Both sides hold the view that there exist bright
prospects for their common development, that they are not rivals or
competitors but are partners for mutual benefit.”
After signing the agreements, Dr Singh
said: “President Hu and I have agreed that the positive development of
India-China relations in recent years must be made irreversible.” - The
Australian / 23 Nov 06
“CHINA AND INDIA TO DOMINATE WORLD
Western nations must prepare for a
future dominated by China and India, whose rapid economic rise will soon
fundamentally alter the balance of power, former World Bank chief James
Wolfensohn has warned.
Wealthy countries were failing to
understand the impact of the inevitable growth of the two Asian powerhouses,
Wolfensohn said in a lecture at the University of New South Wales.
“It’s a world that is going to be in
the hands of these countries which we now call developing,” said
Australian-born Wolfensohn, who held the top job at the global development
bank for a decade until last year.
Rich nations needed to try to
capitalise on the inevitable emergence of what would become the engine of
the world’s economic activity before it was too late, he said. “Most people
in the rich countries don’t really look at what’s happening in these large
developing countries,” said Wolfensohn, who is now chairman of the Citigroup
International Advisory Board and also his own investment and advisory firm.
Within 25 years, the combined gross
domestic products of China and India would exceed those of the Group of
Seven wealthy nations, he said. “This is not a trivial advance, this is a
Wolfensohn said that somewhere between
2030 and 2040, China would become the largest economy in the world, leaving
the United States behind.
By 2050, China’s current two trillion
US dollar GDP was set to balloon to 48.6 trillion, while that of India,
whose economy weighs in at under a trillion dollars, would hit 27 trillion,
he said, citing projections by investment bank Goldman Sachs.
In comparison, the US’s 13 trillion
dollar income would expand to only 37 trillion — 10 trillion behind China.
- Source: AFP
/ Nov 26, 06