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China Needs New Growth Strategy To Keep Up With Rise Of India: Chinese Media

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| } July 17 , 2017 , 09:05 IST

A report published in Chinese media admits that India is receiving a 'massive influx' of foreign investments which will greatly enhance its ability to develop the manufacturing sector and that China should 'keep calm' and work on a more effective growth strategy for itself.

"This massive influx of investment by foreign manufacturers is of great significance for India's economy, employment, and industrial development," an article in the Global Times said.

"China should be calm seeing India's rise. To cope with competition from India, China could start working on a more effective growth strategy for the new era now," it said.

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According to the article, foreign manufacturers are addressing some of India's weaknesses and enhancing its manufacturing ability, with Chinese companies also playing an important role in the process. Several Chinese firms were named in the article which are currently investing in India.

"This is a repeat of China's introduction of foreign investment, which is why it is likely that India may succeed.

"If in the past India lacked capital, a developed manufacturing sector, and skilled manufacturing workers, the foreign manufacturing inflow is now helping India address the problem, backing up the government's 'Make in India' initiative," it said.

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"It should be pointed out that what is happening in India occurred in China two decades ago," the article said.

"Just like what happened with China during its reform and opening-up, the arrival of foreign manufacturing will greatly enhance India's ability to develop its manufacturing sector, which will help in cultivating a large number of skilled workers, managers, and factories," it added.

The article comes in the wake of China accusing Indian troops of trespassing into its land near the controversial tri-junction border between India, China and Bhutan on the Doklam plateau, resulting in a standoff between the armed forces of India and China along the Sikkim border.