Chinese envoy moots 5 C’s to tide over crisis

India and China are the two fastest developing economies of the world and will be the biggest markets in years to come. In view of the increasing importance of the two economies, the India-China Economic and Cultural Council was formed to promote the economic cooperation between both the countries.

In the fourth India-China conference, Exploring Synergies in Trade and Investment, held on April 2, in New Delhi, Zhang Yan, the Chinese ambassador to India, took note of the current financial crisis and proposed a theory of the five ‘C’s which can help India and China tide over the crisis.

“First ‘C’ stands for confidence. Confidence is very important for economics and India and China with strong economic fundamentals, robust GDP growth will come out of this crisis early,” said Yan.

“Second comes complementarities — India and China should complement each other and explore each other’s strengths, leading to advancement and development of various sectors.”

Cooperation, the third C, in terms of bilateral economic cooperation and cooperation in international affairs is the need of the hour for the two countries, Yan said.

“Fourth and fifth Cs are challenges and common prosperity. The governments of both countries need to explore new ways and means, launch negotiations and encourage people-to-people exchange to overcome the challenges of protectionism, trade imbalances and inadequate infrastructure facilities. All this cannot be possible without common prosperity and allowing enough room for more common interests than differences. Together, India and China can turn this crisis into an opportunity which will not only benefit the two countries but the world,” said Yan.

Attendees included Anwarul Hoda, member, Planning Commission and Yang Tianlog, vice-chairman, China South Asia Business Council.