Government has decided to set up an economic wing in its diplomatic mission in Beijing in the next six months, signifying the growing financial clout of China which is set to become India's largest trading partner by this year-end.
This also comes close on the heels of China overtaking Japan as the world's second largest economy.
The economic wing is expected to be in place by next six months and will have eight posts, including one counsellor, who will be appointed by the department of economic affairs, sources told PTI.
The counsellor will be assisted by one Chinese-speaking Foreign Services Official, who will be appointed by the ministry of external affairs.
The objective of such a wing was to attract investments from China and coordinate with various ministries and departments in Chinese government such as Finance and Planning Commission.
The wing will also be in touch with the Chinese government on the issues of G-20 to have a coordinated approach.
India has such economic units in its missions in the US, the UK and Japan among other countries and the fact that the wing was now being created in its embassy in Beijing indicates the importance it attaches to Chinese investments in the country.
However, the mandate of economic wing was different from that of commercial wing, which was already functional in the mission. The commercial wing primarily focuses on bilateral trade.
In the first six months of the year, the bilateral trade figure stands at USD 32 billion and was all set to achieve the target of 60 billion, sources said, adding with this achievement China will become India's single largest trading partner in the world.
The bilateral trade has seen a drastic jump from a modest USD 3 billion in 2000 to an impressive USD 52 billion in 2008 and was all set to touch USD 60 billion by this year-end, as agreed by the Prime Ministers of the two countries in 2008.