Zhang Chenghui, DRC
The Indian government has made great efforts in deepening reform and expanding opening up, and tried to create a fair and friendly environment for business operation, which have aroused great interest from Chinese enterprises. Due to the same development approach shared by the two countries, there is a huge room for mutual cooperation.
First, both countries need to give full play to their comparative advantages and make further cooperation with each other relating to the upgrading of manufacturing industries and innovation sectors. Cooperation and exchanges in terms of investment environment, policy coordination, industrial parks and cooperation between enterprises and local governments need to be enhanced. Co-funded institutes relating to technical and innovation need to be established, exchange of research personnel need to be pushed forward and procedures for endorsing working visas need to be made as simple as possible.
Second, Efforts need to be made to propel financial investment and cooperation between the two countries and some options are made as follows. 1. The financial coordination mechanism between the two countries needs to be strengthened. It is suggested that bilateral currency swap agreement be signed and the Reserve Bank of India include RMB as one of the settlement currencies for bilateral trade and financing. 2. The financial supervision environment needs to be optimized and the business operation environment for branches of financial institutions needs to be improved. It is advised that service offices could be established in each other’s country with more service items and less limitations on the number of working staff. 3. Bilateral cooperation in capital markets needs to be facilitated, including exchanges between securities regulatory authorities, joint development of index fund, enterprise cross-border listing and the establishment of co-funded securities and fund companies. 4. Development of financial service outsourcing needs to be accelerated. 5. Cooperation relating to mobile payment, third-party payment, online lending, crowd-funding, big data-based online credit reporting, network financial transaction platforms as well as cooperation in other financial technical fields need to be unfolded.
Third, exchanges of personnel and enterprises need to be promoted, including facilitating mutual exchanges and communications between enterprises through social organizations and strengthening exchanges between educational institutions.