India lauds China's economic reforms, progress

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India on Monday lauded China for transforming its economy and said New Delhi can learn many lessons from Beijing's progress.

"China's economic reforms began a decade and more before those of India. Your achievements in transforming your economy are well recognised all over the world," Deputy Chairman of India's Planning Commission Montek Singh Ahluwalia said here during the first India-China strategic economic dialogue.

"We in India are deeply impressed by your progress and we believe there are many lessons from your experience that may be valuable to us," he said.

He noted that both countries had five-year plans for their development strategy. "You have unveiled your Twelfth Plan and we are going to finalise our Twelfth Plan in 2012," he said.

"Challenges like energy efficiency, water pricing, management of urbanisation and rapid modernisation of infrastructure are common to us also," he said.

Ahluwalia held talks with Zhang Ping, director of China's National Development and Reform Commission, on a host of issues including the world economic situation and domestic macro-economic situations, said the minutes of the first economic dialogue.

Speaking at the dialogue, Zhang said as the world's economic and political landscape is undergoing "profound changes, India and China as developing countries, are faced with rare and historical development opportunities."

"Since we are at the important stages of acceleration of industrialisation and urbanisation, our two countries are faced with similar or even identical problems in the course of development," he said.

He stressed that the strategic economic dialogue will enhance mutual understanding and trust between India and China by helping each other to learn from their experiences in economic development.

"By doing so, we will enhance our practical cooperation in various fields and find solutions to our common problems. This will help promote long-term and steady development of our respective economies and have a profound impact on our two countries," Zhang said.

"Closer cooperation will not only benefit our two countries but also help boost the confidence of developing countries as a whole. The healthy development of Indian and Chinese economies will have a positive impact on the recovery and growth of Asian and world economies as a whole," Zhang said.