NCAER hosted their Chinese guests from the China Finance 40 Forum (CF40) in a Dialogue on India and China: Pathways to a Common Asian Future. The dialogue was attended by Dr Yu Yongding, Academic Adviser at CF40 and Senior Fellow at the Chinese Academy of Social Sciences, Dr Huang Yiping, member of CF40’s Academic Committee and Vice Dean at the National School of Development at Peking University, Dr Guan Tao, CF40 Senior Fellow. Dinesh Sharma, Additional Secretary, Department of Economics affairs, Ministry of Finance, GoI, Thomas Richardson, IMF, Sachin Chaturvedi, RIS and Sanjaya Baru, International Institute for Strategic Studies also participated in the dialogue.
CF40 is China’s leading non-profit, non-government research think tank dedicated to policy research on economics and finance. CF40 comprises 40 influential experts from academics, government, and professional bodies in economics and finance. Since it was established in 2008, CF40 has sought to enhance the academic foundation of China’s finance and macroeconomic systems, provide high-quality research on emerging financial issues, and promote financial reform and development in China.
India and China have been the two major engines of the growth in the world economy during the 2000s. However, the growth of both economies has slowed down since 2012. China’s growth deceleration has been sharper than India’s. Both countries are facing rapid transformation of the mega trading blocs in the Asia-Pacific region. The economic cooperation between the two countries will have a positive impact on their future growth trajectories. It is in this context, NCAER organized this Brainstorming discussion, with a group of experts, covering a range of issues of common interest to India and Session China at a time of increasing uncertainty in the global environment.
The first session witnessed a rich and insightful discussion on the implications of recent macroeconomic events in the US, China and India. Panelist’s Huang Yiping, Thomas Richardson, and Kanhaiya Singh from NCAER presented their views on the evolving US monetary policy and its implications on the world economy, China, and India, China’s financial reforms, capital account liberalization & RMB internationalization, Indian monetary policy and structural reforms, and, China’s economic rebalancing away from investment toward consumption. The session was moderated by Dr Shekhar Shah, NCAER.
In the second session, chaired by Sanjaya Baru, Guan Tao, gave an explicit presentation of his views on China’s One-Belt, One-Road Strategy: Opportunities and potential costs and benefits for China, India, South Asia, and globally. During the session, Dinesh Sharma and Sachin Chaturvedi spoke on India’s Infrastructure Aspirations: Growth, Trade, Investment and Regional Integration Implications. Other topics discussed were the signing of the Trans Pacific Partnership, and, the ongoing negotiations on the Regional Comprehensive Economic Partnership Strategy, convergence and/or divergence on APEC, and the bilateral FTA.
Potential research ideas for both NCAER and CF40 were proposed and discussed by Shekhar Shah, Yu Yongding, Huang Yiping, Sanjaya Baru, and Rajesh Chadha.