According to the Times of India, Wang Hejun, economic and commercial counselor of the Chinese Embassy in India, said on Wednesday that China will invest 6.8 billion U.S. dollars in India to build two comprehensive industrial parks in Gujarat and Maharashtra. This will help to produce more alternative imports in India, thus offsetting the trade deficit between the two countries.
On Wednesday, China and India signed an agreement in Gujarat on the establishment of a power transmission and transformation equipment industrial park, China's Guangdong Province and Gujarat, Guangzhou and Ahmedabad to form a friendly province and sister city.
According to the Times of India, China and India also signed 24 memorandums of understanding on the day, totaling 3.4 billion US dollars, including aircraft leasing financing, telecommunications, chemicals, wind power, cotton yarn, synthetic fiber, seafood and other fields.
On a state visit to India, Xi Jinping published a signed article in the Indian media stressing: "We must jointly promote the construction of the Bangladesh-China-India-Myanmar Economic Corridor, explore the Silk Road Economic Belt and the 21st Century Maritime Silk Road Initiative, and lead the sustainable growth of the Asian economy. ."
Gujarat is the first stop of Xi Jinping’s trip to India. Xi Jinping will continue to visit New Delhi today, sign a second industrial park agreement, and possibly sign a railway cooperation memorandum.
China is India's largest trading partner, and the trade volume between China and India is currently close to 70 billion US dollars. But India’s trade deficit with China has climbed to $40 billion.
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