India and China on Friday expressed concern over the downside risks to future global expansion mainly due to high energy prices and global imbalances.
At the first meeting of the India China Financial Dialogue, the two sides urged the international community, particularly the developed nations, to strive harder for a successful outcome of the ongoing multilateral trade negotiations.
The two countries also felt that removing roadblocks to global trade in goods and services were key factors in future global growth.
India was led by economic affairs secretary Ashok Jha and the Chinese delegation was headed by Vice Finance Minister Li Young.
According to a joint statement, the two sides agreed to share experiences and hold consultations in the context of tremendous scope in both countries in the area of financial sector regulations.
They said India and China would play a key role in shaping future global growth.
They agreed that both countries should continue this momentum and sustain the current high rates which was a prime necessity for tackling the problems of poverty and unemployment.
In this regard, the two sides reiterated their commitment to achieve the Millennium Development Goals.
The two delegations exchanged information on their respective monetary policies in the context of the changing external environment and on financial sector policies.
Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group