MUMBAI: Stressing that China and India are not only the fastest growing economies but mutually complimentary to each other, Consul General of Republic of China in the city, Niu Qingbao, has said the bilateral trade will cross $120 billion in 2012.

He was speaking during the inauguration of the eighth Chinese Products Expo, organized by China Council for the Promotion of International Trade (CCPIT) in association with All India Association of Industries (AIAI) and Consul General of the Republic of China, in Mumbai.
Mr Qingbao said the China-India bilateral trade has been growing very fast due to the rapidly growing economic capabilities and mutual complimentaries. China is now India’s largest trading partner, while India is China’s largest trading partner in South Asia, he said. “Our bilateral trade for the first nine months this year totalled $45.4 billion, it was $2.2 billion more than the entire volume last year.
The whole year’s trade is expected to reach over $60 billion. Like records in sports are meant to be broken, targets in the bilateral trade are also to be surpassed,” he said.  He said the two countries had crossed a trade target of $20 billion for the year 2008 in 2006, and a new target of $40 billion, set for 2010, would be surpassed by 50 per cent.
The Consul General said Mumbai accounts for five per cent of the country’s GDP, handles 40 per cent of the national trade and collects 60 per cent of
the national tariff, While, Maharasthra is one of India’s most populous and economically most powerful  states.
Its GDP is 14 per cent of the nation’s total and per capita income is 38 per cent higher than national average. Maharashtra and Mumbai are an important radiometric force in India’s economy, culture and lifestyle. By choosing Mumbai as the venue of this Expo, the leaders of CCPIT have shown tremendous vision, the release said.  Mr Qingbao lauded India’s development in IT and software and said it is aptly called ‘the world’s office’. He said likewise, China has built a strong manufacturing system and therefore, is called ‘the world’s factory’.
He said China is India’s important market of coal, iron ore and other raw materials, while India is Chain’s important market of home appliances products and TCF.  
He called for cooperation in infrastructure projects and offered the expertise of Chinese companies in equipment and financing for infrastructure projects like high-speed railways, expressways, ports, airports and bridges.