India, China relations unique in the world: Manmohan Singh

Beijing, Oct 24 (ANI): Asserting that relations between India and China are unique in the world, Prime Minister Manmohan Singh on Thursday said both countries have embarked on a new phase of their political histories around the same time.

Addressing the Chinese Communist Party's Central Party School in Beijing, Dr. Singh said: "Relations between India and China are unique in the world. We are two continuous ancient civilizations. We are neighbours with a long history of cultural, spiritual and economic ties. We both embarked on a new phase of our political histories around the same time."

"Today, we are the world's two most populous nations, engaged in a process of socio-economic transformation of our people on a scale and at a pace unprecedented in human history," he added.

Asserting that both our countries have achieved considerable success in this endeavour, Dr. Singh said: "Indeed, China's early economic reforms and impressive achievements are a source of inspiration across the developing world. After China, India has been the fastest growing major economy in the world, averaging a growth rate of 7 percent per year over the past two decades and around 8 percent per year during the past ten years."

"As a result, both our economies have expanded several times. We have achieved a high degree of economic modernization and have lifted hundreds of millions of our people out of the clutches of poverty," he added.

He further said: "In our own ways, we have also had an impact in shaping the global economy - China in the manufacturing sector and India in the services sector."

Stating that over the past two decades, the process of economic reforms in India has gone through the rigour of democratic debate, and met the test of political consensus and public support, Dr. Singh said: "India's policies have focused not only on accelerating growth, but also on making it sustainable and regionally balanced."

"We have emphasized not only modernization, but also addressing the challenges of opportunities, capacity and equity for our vast and diverse population. This is the path on which we will continue to move forward," he added.

In structural terms, Dr. Singh said: "India's growth is propelled by domestic demand and financed largely by our own resources. But we are also increasingly integrated into the global economy."

" The prolonged global economic crisis has affected us, as it has many other emerging economies. I believe, however, that this is a temporary disruption. In recent months, we have taken measures to enhance foreign investment flows, speed up implementation of major projects, boost infrastructure development, strengthen our financial markets, reform our tax system and make our business environment more attractive," he added. (ANI)

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