The most important consensus reached during the meeting between Chinese President Xi Jinping and Indian Prime Minister Narendra Modi is that China and India should be partners, Chinese Foreign Ministry spokesman Guo Jiakun said at a press briefing in Beijing on Monday.
Xi met with Modi on Sept 12 on the sidelines of the 18th BRICS Summit in New Delhi, marking the third consecutive year of successful meetings between the two leaders.
On the outcomes of the meeting, Guo said, "The most important consensus reached at the meeting is that China and India should be partners. The two leaders agreed that as the world's two most populous countries and important members of the Global South, China and India should focus on development as the greatest common denominator, strengthen friendly exchanges and mutually beneficial cooperation, and improve the public foundation of bilateral relations. The two sides should address each other's economic and trade concerns in a balanced manner and promote the sound and steady development of economic and trade ties. China and India agreed to support each other in hosting BRICS summits, advance Global South cooperation, promote a multipolar world, and serve as the forces for stability and progress in a turbulent world. At the same time, the two leaders agreed to properly handle differences and disputes between China and India and jointly safeguard peace and tranquility in the border areas."
"The improvement and development of China-India relations are not only welcomed by over 2.8 billion people of the two countries but also essential for strengthening Global South cooperation. The two leaders have once again charted the course for the development of bilateral relations. China is ready to work with India to implement the important consensus reached by the two leaders, continuously expand the cooperation agenda, strengthen people-to-people and cultural exchanges, deepen multilateral coordination, promote the sustained improvement and development of bilateral relations, support each other's development and revitalization, and jointly contribute to regional and world peace and prosperity," Guo said.
China, India agree to be partners important consensus from leaders' meeting: spokesman
China's benchmark Shanghai Composite Index closed almost flat on Monday amid a wide sell-off of artificial intelligence-related stocks triggered by calls from top executives of major U.S. AI developers to slow the pace of AI development, according to Timothy Pope, an analyst for China Global Television Network (CGTN).
The Shanghai Composite Index dropped 0.07 percent to 3,885.33 points on Monday, while the Shenzhen Component Index closed 0.64 percent lower at 13,384.57 points.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 1.10 percent to close at 3,285.58 points Monday. The STAR Composite Index, which reflects the performance of stocks on China's sci-tech innovation board, closed 0.35 percent lower at 1,811.23 points.
Pope noted that despite the overall resilience of major indexes, AI hardware stocks were among the biggest losers on the day.
"The Chinese mainland markets proved pretty resilient today actually as global AI stocks wobbled. We saw oil prices jump and interest-rate hike bets rising as well. The Shanghai Composite Index ended the session pretty much flat, while the Shenzhen Component [Index] lost a little more than half of 1 percent. AI stocks around the world sank today after the Anthropic CEO Dario Amodei published an essay calling for a slowdown in the development of frontier AI models. That was also backed up by OpenAI boss Sam Altman and some other industry leaders as well. But critically for Chinese companies, Amodei also called for tighter restrictions on exports of advanced AI chips and semiconductor equipment to China. We saw AI shares on the A-share have been caught in a bit of a rotation cycle already lately, with investors switching in and out pretty aggressively from these AI hardware stocks. So that added some extra momentum to today's move out of that sector. They were falling and were one of the weaker sectors today," said Pope.
The analyst said stocks of listed big state-own banks saw an injection of capitals from investors amid AI sell-off.
"Investors took some shelter in financial stocks. The big state-owned banks were once again helping to support the Shanghai index and investors were also waiting for the latest bank-lending data, although that wasn't released before the close of the markets today. There was also a small rebalance in the STAR 50 today. A handful of new companies joined the high-tech index, but that didn't fundamentally change things for the pressured tech sector," he said.
Pope highlighted that Chinese investors will witness a slew of data release in the rest of the week, helping them to have a more comprehensive grasp of the status of the country's domestic demand.
"For the week ahead in China, it's going to be very data-heavy. Tomorrow we have a big data dump including fixed-asset investment, property data, retail sales and industrial production and that's really going to give the market some clues about the state of domestic demand after those very strong trade figures that we saw last week," he said.
Chinese stocks resilient as calls for AI slowdown trigger sell-off: analyst
