Xi pledges greater market access for domestic business in China

Prime Minister Narendra Modi on Thursday said he has been assured by Chinese President Xi Jinping that Indian companies and products - especially including those made by the pharmaceutical, farming and fuel industries - will be given greater access to Chinese markets, in a bid to bridge the yawning trade deficit between the two countries.

"I raised the issue of trade imbalance between the two countries. I urged President Xi to give our companies better market access and investment opportunities in China," Modi said after his bilateral talks in the national capital with the Chinese side.

"The Chinese President assured that he will take concrete steps in this regard."

Bilateral merchandise trade between India and China stood at $65.88 billion in 2013. While the country's exports to China were valued at $14.50 billion, its imports were much larger at $51.37 billion, resulting in a large trade deficit.

The prime minister, while delivering his statement before the media after the talks at Hyderabad House in the national capital, said India and China have much scope to increase economic cooperation, as it was way below the potential.

Modi said he was pleased with the signing of agreements between the two sides for two Chinese industrial parks in the country and Beijing's commitment to invest around $20 billion in India over the next five years.

"I invited Chinese investments in infrastructure and manufacturing sectors. I am glad that two Chinese industrial parks will be built in India."