The shift in Chinas policy to domestic consumer-driven economy is likely to benefit Indian exporters and enhance trade that will help narrow the trade deficit between the two countries. Recently unveiled 12th Five-Year Plan for 2012-16 of China,with a strong slant for a domestic consumer-driven economy will give enormous opportunity for Indian exporters to access Chinas huge consumer market in the coming years, the commerce ministry said in a statement. In a meeting between Jiang Jufeng,governor of Sichuan Province in China,and commerce and industry minister Anand Sharma,concerns over the widening trade deficit was raised. Trade deficit stands at $20.02 billion for 2010,against $15.87 billion in 2009. Sharma said there is a great potential for cooperation between the regions in terms of trade,engineering contracting and service outsourcing,as well as an emerging investment destination and source. So far,India has invested in seven projects in Sichuan,with a contracted foreign investment of $10.59 million. The province in Southwest China has annual trade of $1.2 billion with $1.1 billion in exports to India. India imports from the province include electrical and mechanical equipment,audio and video equipment,textiles,metalware and chemicals while exports include minerals,chemicals and electrical and mechanical products. In January,total volume of import and export between Sichuan and India soared 41.64 per cent to $129 million on yearly basis.
