Xi hopes for better ties with India

Observes that resolution of boundary dispute won't be easy Beijing (PTI): Unveiling a five-point formula to improve relations with India, China's newly elected President Xi Jinping said on Tuesday the resolution of the boundary dispute between the two sides "won't be easy" and pending its final settlement "peace and tranquility" should be maintained on the border without affecting the overall ties. 59-year-old Xi, who took over as the head of Communist Party, President and military chief, expressed his keenness to meet Prime Minister Manmohan Singh next week on the sidelines of the BRICS (Brazil, Russia, India, China, South Africa) in his first contact with top Indian leadership after his inauguration. The first leader born after China's independence in 1949, Xi also spoke of the need for India and China with a combined population of 2.5 billion to cooperate in multilateral for a in to safeguard the "legitimate rights and interests" of developing countries. Unveiling his five proposals, Xi said that first China and India should maintain strategic communication and keep the bilateral relations on the "right track". "Second, we should harness each other's comparative strengths and expand win-win cooperation in infrastructure, mutual investment and other areas," he said. India and China should strengthen cultural ties and constantly increase the mutually expanding friendship. The Chinese leader said the two countries should expand coordination and collaboration in multi-lateral foray to jointly safeguard the legitimate rights and interests of developing countries and tackle global challenges.A "We should accommodate each other's core concerns and properly handle problems and differences existing between the two countries," he said in fifth proposal. Xi, who was speaking to select editors from BRICS countries in his first interaction with international media, spoke of the traditional friendship between India and China, describing them as two largest developing countries of the world with a combined population of over 2.5 billion. "We jointly follow the path of peaceful development which involves cooperation and common interest of the two countries. It is also doing great service to Asia and the world," he said.

China to back BRICS Bank Beijing: Ahead of the BRICS summit in Durban, China on Tuesday backed the establishment of a BRICS Development Bank and called for a global economic governance system that gives increased voice to developing countries. Gearing up for the meeting of the five-nation grouping next week, the new Chinese President Xi Jinping said many emerging markets in developing countries, including BRICS ( Brazil, Russia, India, China andSouth Africa) and African countries have enjoyed best economic growth. The summit which will also be attended by Prime Minister Manmohan Singh among others will be held in Durban on March 26 and 27. A "They (these countries) have become an important political force for world peace and common development and play an important role in tackling international financial crisis and boosting global economic growth", Xi told select Editors of BRICS countries in his first interaction with the international media after taking over the leadership last week. This, the new Chinese leader said, is in keeping with the trend of the current time for peace, development and cooperation, he said.