Doing business in Asia, Japan, China, Hong Kong, Taiwan, South Korea, and Russia.

China is doing something smart, I think. Recently it signed a deal to cooperate with Japan on oil and gas exploration and purchasing.

Now, India and China have signed a major pact on exploration, production and acquisition of oil assets.

Instead of competing with one another and letting the slick middle easterners win, the two giants have decided to cooperate and perhaps control oil prices by demand rather than by supply.

China's delegate said there is a "need for the two countries to bid together for oil assets so as to avoid a price war, official sources said."

"'We cannot avoid competition. However, where we can avoid competition, we will try to cooperate and jointly bid for oil and gas assets worldwide,' Srinivasan clarified."

It seems to me that China is wanting to avoid price wars but India is saying it is inevitable.

What do you think?