China, India leaders highlight economic cooperation

Chinese and Indian political leaders put emphasis on bilateral and regional financial and economic cooperation during their meetings in India Monday, when the world economy is facing uncertainties.

Zeng Peiyan, vice chairman of the board of directors of the Boao Forum for Asia (BFA), put forward a proposal on financial cooperation between Asian countries at the Asian Financial Cooperation Conference co-organized by the BFA and the Federation of Indian Chambers of Commerce and Industry in Mumbai Monday.

The former Chinese vice premier said that first, currency cooperation should be enhanced, noting that East Asian countries should make the Chiang Mai Initiative multilateralization more practical and strengthen economic supervision, crisis rescue and prevention. A cooperative mechanism on Asian currencies with broader coverage can be considered when conditions are mature, Zeng said.

Second, Asia should diversify channels to finance infrastructure, with the Asian Development Bank continuing to play an important role, Zeng said.

Bilateral or multilateral infrastructure investment funds can be established to invest in such areas as energy, traffic, telecommunications and urban construction, he said.

China and India can make great achievements from cooperation in the fields of policy coordination, infrastructure construction, technological applications for energy efficiency, environmental protection and energy, Indian Prime Minister Manmohan Singh said during a meeting with the visiting chairman of the National Development and Reform Commission of China, Zhang Ping, in New Delhi on Monday.

It is increasingly important for China and India to carry out macroeconomic dialogue and push forward economic and trade cooperation in a pragmatic way, Zhang said.

In Bombay, Zeng also proposed that Asian countries should improve capital markets, especially developing direct financing to better serve the real economy and increase the efficiency of using capital.

He went on to suggest that Asian nations should expand the use of their domestic currencies in the region.

The governments should sign more bilateral agreements for currency swaps and settlements in local currencies, as well as encouraging financial institutions to provide convenience and related services, Zeng said.

Xinhua - Global Times

We recommend:
World's highest-altitude civilian airport to start operations	Global sales of Samsung's Galaxy Note 2 tops 5 mln mark	China to open Beijing-Guangzhou high-speed rail route slows
China Telecom starts iPhone 5 pre-orders	China's MA700 to take flight in 2016	13th Int'l Automobile Industry Exhibition
Rural grid upgrades to ensure electricity	Staff members of bus company sort notes, coins	Galaxy Soho building in Beijing