New Delhi (Sputnik): Earlier on Monday, US financial services company Moody’s had slashed the global growth forecast, including that of China, claiming that “the coronavirus outbreak has diminished optimism about prospects of an incipient stabilization of global growth”.
Expressing full faith in the country’s mechanisms for dealing with public health crises, Chinese ambassador to India Sun Weidong has said that although the downward pressure on his country’s economy will increase in the short-run, China will nonetheless bounce back strongly.
Addressing a large media gathering in New Delhi, Sun said China’s early victory over the epidemic will be beneficial to the development of both China and India as well as the global economy.
The envoy emphasized that India should review its restrictions in an “objective, rational and calm manner” and “implement the consensus of the two leaders (Prime Minister Narendra Modi and President Xi Jinping)” by handling China’s requirement for much-needed medical supplies in a humanitarian manner.
Last week, Indian Prime Minister Modi sent a letter of condolence to Chinese President Xi and gave assurances about his country’s readiness to assist China on every front to fight the epidemic. The first consignment of medical supplies on a relief flight to Wuhan city is scheduled for later this week, the Indian government said.
In the same briefing, the Chinese envoy could not forget to add the importance of its 5G network and said that the high-speed network and technological prowess of the country have helped in mobilizing China’s response.
China, which is one of India’s biggest trading partners, added that Beijing hopes bilateral engagements “won’t be blocked due to the epidemic”.
China accounts for 45% of India’s total electronics imports. One-third of machinery and almost two-fifth of organic chemicals that India purchases from the world comes from China. Automotive parts and fertilisers are other items where China’s share in India’s imports is more than 25%. India sources about 65-70% of active pharmaceutical ingredients and close to 90% of certain mobile phone parts from China.
Speaking on the epidemic, that has put over 50 million people under lockdown in China, the envoy said the number of confirmed cases has been declining for 14 consecutive days across China.
Amid a growing number of coronavirus cases, which has reached 72,436 — up 1,888 from 70,548 the day before (Monday) — and the death toll, which now stands at 1,868, Moody’s investors service revised global GDP growth forecast down, and it now expects G-20 economies to collectively grow 2.4 percent in 2020, a slower rate than last year. The credit rating agency has also reduced the 2020 growth forecast for China to 5.2 percent and India to 5.4 percent.