- China’s newly appointed ambassador expressed concern over declining trade
- Total trade with China rose to a record $136.2 billion last year
- China admitted that there are many factors behind India’s trade deficit
China’s newly appointed ambassador to the country, Zhu Feihong, acknowledged India’s concerns over the growing trade deficit and said that China is ready to address the issue by allowing more Indian companies to enter its market. has been a matter of concern for India over the years. Trade declines to 99.2 percent billion US dollars in 2023 while total bilateral trade with China is 136.2 billion dollars. The trade deficit in 2022 was over $100 billion for the first time at $101 billion. India has often expressed its concern with China in this regard. India has been putting pressure on China. That it should open up its main export potential sectors, IT, technology, medicine, apart from grains, to Indian companies.
‘China understands India’s concern’
He also spoke to the media before leaving for India to perform his duties as ambassador. Feihong reiterated China’s stance that it has no intention of running a trade surplus. He said, “There are many factors behind India’s trade deficit. China understands India’s concerns. It was never our intention to maintain a trade surplus.”
‘Chinese market is very open’
Feihong said, “The Chinese market is open to all countries, including India. We have sent many trade delegations to India to buy Indian products and we want more salable Indian products to come to the Chinese market. We are ready to provide more facilities for India’s participation in China International Import Expo, China-South Asia Expo, Canton Fair and other forums.” He said, “China will help Indian companies meet the demands of the Chinese market and achieve business success. And is also ready to help take advantage of the possibilities of business cooperation.
‘Tourism is good for bilateral trade’
Feihong said, “Last year, Chinese diplomatic missions in India issued about 190,000 visas, more than 80 percent of which were business visas. Business trips from both sides are good for bilateral trade. We hope that India can provide more facilities to Chinese businessmen coming to India for business opportunities.
What the statistics say
Importantly, bilateral trade remained at a high level despite tensions between the two countries over the military standoff in eastern Ladakh. According to figures released by China’s customs department, total trade between the two countries rose to a record $136.2 billion last year. At the beginning of this year, India’s trade deficit increased to 99.2 billion dollars. Which is slightly less compared to last year.
