China and India have pledged to expand financial cooperation between the world's two largest developing countries, also making up 40% of the world's population.

At the second China-India Financial Dialogue in Beijing, the two countries signed an agreement to boost exchanges and cooperation on:

1. bond markets development,

2. capital markets opening

3. financial supervision.

Both sides agreed to

4. develop bond markets

5. expand channels for direct financing,

6. gradually open domestic capital markets

7. boost financial supervision to guard against risks brought about by short-term cross-border capital flows.

The two countries also pledged to:

8. improve macro-economic controls,

9. promote renewable and clean energy development

10.  usher in more sustainable resources-saving and environment-friendly production and consumption models.

"The financial cooperation between China and India will not only help them realize sustainable development, but also help stabilize the Asian financial market," says one deputy director.

This was the second such exchange. The first was in New Delhi on 4.7.2006. The next will be in India again.

How important do you think relations between New Delhi and Beijing are? 

source

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