During Chinese premier Wen Jiabao's visit to India, China and India on April 11 signed officially the Memorandum of Understanding on the Launch of the China-India Financial Dialogue, which signifies that the two developing countries have made gratifying steps in strengthening financial exchange and cooperation.

Both sides held that the move will benefit the two countries when they coordinate stance in significant international financial issues thus make joint contribution to promoting the balanced and orderly development of the global economy.

The official start-up of the mechanism signals new headway China has made in its financial exchange and cooperation with other developing countries. Previously China has established such a mechanism with the United States, Britain and the European Union and with Germany and France the mechanism of annual mutual visits of financial ministers.

After consultations, Chinese and Indian financial ministries reached the following consensus under the framework of the financial dialogue: the dialogue is in principle at vice-ministerial level or other level recognized by both parties; the initiators are the financial ministries of the two countries and the participants will also include other departments related to the topics of the conferences; the dialogue will be held once every 12 to 18 months.

By People's Daily Online