Thursday, November 23, 2006

chinese leader visits india

Chinese leader Hu Jintao has made an extensive visit to India in which agreements were reached to expand trade between the world's two coming superpowers. Hu told his hosts that India and China were friends--something they haven't always been--and pledge to coordinate the countries' efforts on a variety of economic and other issues. An interesting moment came when Hu told an assembly of Indian leftists to adopt a "more pragmatic and positive approach" toward the development of infrastructure and of the economy, in general. Globalization had provided new and unprecedented opportunities, he said, and the left must be prepared to capitalize upon them. India has meanwhile continued to debate its tax system, including proposals to reduce some taxes on business but parallel discussion of efforts to expand other levies, notably the wealth tax which--owing to a wide range of loopholes--currently brings little revenue despite the increasing affluence in the country.


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