Friday, April 15 2005 10:02 Hrs (IST) - World Time -

Beijing: China and India have set up a financial dialogue mechanism to boost cooperation in major international financial issues.

The bilateral mechanism will help promote the global economy in a balanced and orderly manner, a statement posted by China's Ministry of Finance on its website said.

Their dialogue will cover the economic situation of the two countries, their financial policies, financial reform and exchanges on matters related to international economic forums and institutions, according to the statement.

The move also indicates that China has made new progress in cementing financial exchanges and cooperation with other developing countries, it said.

The Chinese and Indian Government officials signed a Memorandum of Understanding (MoU) on Financial Dialogue during the just-concluded visit to India by Chinese Premier Wen Jiabao.

The Chinese Ministry said that the dialogue between the two countries would be held once every 12 to 18 months at a deputy Ministerial level or other levels the two sides agreed upon.

China has set up similar financial dialogue mechanism with the United States, Britain and the European Union (EU), Britain, France on a regular basis at Ministerial levels.