Illustration: Chen Xia/GT

Amid warming relations between China and India, signals of growing momentum in bilateral economic cooperation appear to be emerging.

A delegation of the Punjab, Haryana, Delhi, Chambers of Commerce and Industry (PHDCCI) is on a visit to Shanghai and East China's Jiangsu Province from March 29 to April 4, marking the first such visit in more than five years, Indian news agency PTI reported on Tuesday.

The visit aims to build connections and bridges for Indian businesses with their industry counterparts in Eastern China. A business roundtable was held on Tuesday between the PHDCCI delegation and leading companies and financial institutions from China, according to a Tuesday post by the Indian Consulate General in Shanghai on social platform X.

Given that economic and trade cooperation has long been a key driver of China-India relations, the delegation's visit is undoubtedly a notable sign of the recent warming in bilateral economic ties, underscoring great interest in and broad prospects for China-India economic and trade cooperation.

India is at a critical stage of industrialization, with development needs in infrastructure, manufacturing, and technological innovation. Whether it is for its "Make in India" initiative or its ongoing energy transition, India requires external cooperation in terms of technology and industrial chains in fields such as clean energy and electric vehicles (EVs). 

In areas ranging from EV batteries and photovoltaic panels to core components of electronic manufacturing, China's mature technologies, well-established ecosystem, and efficient supply capacity are well-positioned to meet India's development needs.

China and India share numerous opportunities in economic and industrial development, forming a solid foundation for revitalizing bilateral economic and trade relations. In terms of the market, China's huge consumer market provides a broad sales space for Indian products, while the Indian market also has great potential, with rising demand for high-quality Chinese goods and services as its economy grows and consumption patterns evolve. 

In the field of technology, China has achieved progress in cutting-edge areas such as 5G communication, artificial intelligence and new energy, while India has strengths in software programming, information technology services and other fields. The two sides can fully complement each other's advantages and jointly promote technological innovation and industrial upgrading.

It is precisely because of these complementarities that amid the steady recovery of bilateral relations, trade has risen remarkably. In the first two months of this year, bilateral trade jumped 22.5 percent year-on-year, according to data from the Chinese customs.

Certain challenges remain in bilateral relations, but it is precisely at such times that both sides need to cherish the hard-won momentum and focus on cooperation with a rational and pragmatic attitude. More exchanges between businesses and civil society are essential for enhancing mutual understanding and building trust, both of which could serve as the foundation for promoting the stable and long-term development of bilateral cooperation.

Amid the delegation's visit to China, the government departments of the two countries are also actively interacting these days. For instance, on March 27, China's Minister of Commerce Wang Wentao met with Piyush Goyal, Minister of Commerce and Industry of India, according to a statement on the Ministry of Commerce's website. 

Wang stated that the ministry stands ready to work with India's Ministry of Commerce and Industry, under the strategic guidance of the leaders of the two countries, to fully leverage the role of bilateral economic and trade cooperation as a ballast.

Meanwhile, India recently approved eased restrictions on Chinese investments in select sectors, Reuters reported. These positive developments fully indicate that the warming-up of China-India economic and trade relations has a solid foundation, broad consensus and strong willingness, serving the fundamental interests of the people of both countries.

China's willingness to share development opportunities and deepen industrial cooperation with the Indian business community remains unchanged. It is hoped that India will also show sincerity and take practical actions to create a fair, transparent and predictable business environment for businesses of both countries, transforming the momentum of the warming-up into sustained energy for the long-term development of bilateral relations.