India, China are Asia's double engines;
Beijing backs Delhi against Trump's tariffs
Speaking at an event organised by think tank Chintan Research Foundation (CRF) he said that "China will firmly stand with India", asserting that the two countries are double engines of economic growth in Asia.
"US has long benefited greatly from free trade but now uses tariffs as bargain chips to demand exorbitant prices from various countries.
The US imposed tariffs of up to 50% on India, and has even threatened for more. China firmly opposes it. In the face of such acts, silence only emboldens the bully. China will firmly stand with India to uphold the multilateral trading system with the world trade," he said.
Chinese ambassador Xu Feihong said that China firmly opposes the 50 per cent tariffs imposed by the US on India and stands firmly by it. Talking about opening the Chinese market for Indian goods, Feihong said that both countries can progress a lot with the exchange of goods in each other's markets.
"We'll welcome more Indian goods to enter the Chinese market. India has a competitive edge in IT, software and biomedicine, while the Chinese see a rapid expansion in the fields of electronic manufacturing, infrastructure construction and new energy," said Feihong.
"If connected, the two major markets will produce an effect of one plus one bigger than two," he added.
He said that remaining silent would only embolden the bully and asserted that China would firmly stand with India.
Terming the US "a bully", Chinese Ambassador, said that the US had long benefited from free trade but was now using tariffs as bargaining chips.
He stated that the US had imposed tariffs of up to 50% on India and that China firmly opposed this move.
He said that China would want Indian businesses to invest in China and also hoped a fair environment for the Chinese businesses in the country.
"The Chinese side will want more Indian enterprises to invest in China.
It is also hoped that the Indian side could provide a fair, just and non-discriminatory business environment for Chinese enterprises in India to promote common rearing of industries and benefit the people of the two countries," he added.
The US has imposed a whopping 50 per cent tariff on the import of select Indian goods. This includes a trade tariff of 25 per cent and an additional penalty of 25 per cent for buying Russian oil.
The additional tariffs would come into effect from August 27.
Informal Summit -- 2019
ends
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