Recognising China's all-round reforms for its "impressive" growth over the last 40 years, India's External Affairs Minister S Jaishankar on Monday said the world should give due credit to Beijing in this regard.
"We saw a kind of sweeping reform in China, not just economic reform. Governance reform, administrative reform, social reform.... In many ways they were much more aggressive about leveraging the world then we were", Jaishankar said, while adding that China's economy has grown significantly since the 90s and today it is 4.5-5 times the size of the Indian economy.
Talking during the conference "Geopolitics of Opportunity: As World Rebalances, How should India Capitalise?" by CNBC TV18, the Indian foreign minister answered questions about China’s rise since the 1990s and if the world has been underestimating its growth.
In comparison to the Cold War-era when there was near absolute bipolarity, Jaishankar believes that “we are moving towards a multipolar world where all the poles won’t be of the same size”.
He says that the US and China will be more influential than other players, but this world will be multipolar with strong bipolar characteristics.
Reiterating that India was non-aligned during the Cold War, Jaishankar says that “in a world where the US and China are one and two, China is India’s immediate neighbour; the rise of China has impacted the entire world profoundly, but most of all it will impact its immediate neighbours”.
The statement comes as the UK announced it won't allow the purchase of Chinese tech giant Huawei's equipment and ordered to remove all its 5G devices by 2027. The move follows US restrictions against the Chinese company. As per reports, the ban on Huawei 5G tech followed pressure by US President Donald Trump.
The US has alleged that the firm shares data with the Chinese government. The tech titan refutes the claims as unjustified and politically motivated and says they contradict competitive practices.
The trade rift between the US and China started in 2018 when President Donald Trump threatened the latter with higher tariffs and trade barriers citing "unfair trade practices" due to Beijing's rising trade volume across the world. Despite denying the charges, China signed a trade pact with the US to balance the trade between them.
On the other hand, China has continued to expand its economic outreach in Europe, Asia, and Africa at an unprecedented pace with the help of the Belt and Road Initiative.
India launched a limited trade war with China in the wake of an ongoing border standoff in the Ladakh region of the Line of Actual Control. Several rounds of diplomatic and military level talks have taken place between the two countries but negotiations are still on for complete disengagement along the border. India subsequently banned at least 59 Chinese mobile applications and also cancelled tenders involving some Chinese telecom equipment suppliers.