Sat, Dec 10, 2016 | updated 06:08 PM IST

Biggest losers of our goods' boycott to be Indian traders, consumers: China

Updated: Oct 28, 2016 10:40 IST

New Delhi [India], Oct. 28 (ANI): China has warned that the biggest losers of the boycott of its goods will be Indian consumers as they lack proper substitutes that would provide the same quality and price.

Over reports that local sellers in Sadar Bazaar, the largest wholesale market of household items in India, has complained that Chinese goods sale has dropped by at least 20 percent, Spokesperson and Counsellor for the Chinese Embassy in India, Xie Liyan, said in a statement, "In the long run, boycott will not only hurt Chinese goods sale, but also have negative effect on the India consumers."

The statement said the China-India trade depends on mutual benefits and growing interdependence adding, "Chinese products have not only lowered India's inflation rate, but also fulfilled demands of the Indian ordinary people, especially of the lower income group."

It said around 70 percent of Indian APIs (Active Pharmaceutical Ingredients) for its pharmaceutical industry are from China, claiming that Beijing has played an important role in Indian pharmaceutical industry's march to the European Union and American market.

The statement further warned that India's boycott of Chinese goods will not have much impact on China's exports as its exports to India are merely two percent of its total export; however, such a move will negatively affect Chinese enterprises motive to invest in India and the bilateral cooperation. (ANI)