Thursday, June 12, 2008

Calls for financial cooperation between India and china

by Jo Black

The Indian junior minister for finance, Mr. Pawan Kumar Bansal has called for greater cooperation between India and China in the financial sector, both through Governmental agencies and private institutions and banks.

Mr. Bansal was the key note speaker at the second India-China High-Level Financial Development Forum held recently in Beijing.

The Forum was supported by the People’s Bank of China (PBoC), the Indian Banks Association and the India-China Economic and Cultural Council.

Bansal stressed the fast growing and multifaceted relations between India and China, especially on the economic and commercial fronts.

Drawing attention to certain similar concerns in the financial sector faced by both the countries, like inflation and rural sector banking, the Minister urged for greater cooperation.

The Forum was attended by the Deputy Governor of the PBoC, Chairmen of leading Indian Public Sector Banks, senior officials and professionals from the banking, insurance and securities sectors of the two countries.

Bansal also met the Governor of PBoC, Mr. Zhou Xiaochuan and expressed the Government of India’s condolences following the recent earthquake that had struck the province of Sichuan and reiterated the support and cooperation of the Government and people of India to China at this difficult hour.

Both sides also discussed issues of mutual interest in the banking sector including the issue of Non-Performing Assets, banking in the agricultural sector and Micro finance.

Common concerns like inflation, management of liquidity and financial education were also discussed.

The possibility of short exchange programmes between Indian and Chinese banks also figured in the meeting.

 

 

 

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