New Delhi [India], October 4 (ANI): Emphasising the need for stronger cooperation between Asia’s two largest economies, Chong En Bai, Director of the National Institute for Fiscal Studies at Tsinghua University, said India and China must work together to realise the region’s potential for faster growth.
Speaking to ANI on the sidelines of the Kautilya Economic Conclave, Bai said, “This region has contributed a lot to world economic growth, and there is this number that two-thirds of the incremental growth may come from Asia.”
To achieve that potential, better collaboration is crucial between the two neighbouring countries, he said.
He said there is a lot of complementarity between China and India, so the potential for increased trade as well as increased cross-border investment is great.
“We need to reduce the barriers to trade between our two nations and the barriers to cross-border investment between our two nations. And both sides can benefit from freer trade and freer cross-border investment,” Bai added.
Bai was also critical of US trade policies towards developing economies.
“I don’t think the US tariff is good for the world economy, and it’s strange that a lot of developing economies, such as China and India, face the highest tariff rates. I don’t think it’s fair,” he said.
Both China and India have the right to develop their economy, and such rights should be respected, he added.
“So I do think if we all cooperate more, we can better weather the shock created by the US tariffs,” he said.
On the role of technology in shaping Asia’s future, Bai underlined the importance of electric vehicles. “Yes, I think electrical vehicles are vital in dealing with many important issues. For example, climate change. There are also economic ways to generate renewable electricity that doesn’t emit carbon dioxide. So if we use clean electricity to drive electric vehicles, then we can cut carbon emissions in a significant way.”
He further pointed out, “For Asian economies, we want to develop the latest technology so that we don’t always follow the more advanced economies. This is an area where Asian economies can leapfrog the current technology so that we can become more competitive internationally.”
Sharing China’s experience, Bai said, “A third benefit of electric vehicles is that they are clean in terms of emitting fewer particles. This is very good for air quality. In Beijing, air quality has improved a lot since the increased penetration of EVs.”
Bai noted that the Kautilya Economic Conclave provides a platform to discuss such issues, helping countries like India and China strengthen collaboration and drive Asia’s contribution to global growth. (ANI)
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