China, India agree policy stability important to world economic recovery

China and India said Thursday maintaining continuity and stability in economic policy is important to the global economic recovery.

The two sides achieved the consensus during the fourth round of a financial dialogue between the two nations in Beijing.

The dialogue was co-presided over by Chinese Vice Finance Minister Zhu Guangyao and Indian Finance Secretary Ashok Chawla.

Maintaining the relative stability of major reserve currencies is important to achieving robust, sustainable and balanced global economic growth, China's Ministry of Finance said in a statement on its website after the meeting.

The two sides said the world economy is on the recovery track but the foundation for the recovery is not yet solid.

"It is an arduous task to ensure the robust global economic recovery. It requires continued efforts from the international community," the statement said.

The two sides will closely watch the possible disorderly flow of capital caused by adjustments in monetary policy, according to the statement.

Both sides also vowed to further promote bilateral economic cooperation.

Zhu said that stepping up financial cooperation between China and India is important as the two nations face many common challenges.

The two nations should focus on improving the quality of economic growth and intensifying economic restructuring, Zhu said.

The two nations should also pushing forward poverty relief work and improve people's living standard, Zhu added.

Ashok Chawla said as the world's fastest growing economies, there is much room for India and China to cooperate.

He expressed confidence the strengthening of economic and financial ties will be successful.

China and India held the previous three rounds of the dialogue in April 2006, December 2007 and January 2009.

Source: Xinhua