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Our Bureau

New Delhi, April 16 The shutting down of small scale export-oriented enterprises and cutting down of workforce under the impact of the global financial crisis is evident in the fall of bilateral trade between India and China by 37 per cent in January 2009 compared to the same period last year, said Mr Wang Jinzhen, Vice-Chairman, China Council for Promotion of International Trade.

Mr Wang was speaking at an event in Beijing organised by the Confederation of Indian Industries (CII) and the Embassy of India in Beijing. The CII announced the launch of the India Business Forum (IBF) in China to facilitate networking with Chinese companies, think tanks and policy makers.

Discussing the ‘Impact of the Global Economic Crisis : Challenges and Opportunities for India and China’, Mr Wang suggested both the Indian and Chinese Government work closely to eliminate trade barrier and trade protectionism and to minimise damages and achieve early recovery of both economies.

“Protectionism has to be avoided — protectionism in goods as well as services, as also financial protectionism,” said Ms Nirupama Rao, Ambassador of India to China, while speaking at the conference.

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