“Our relationship has assumed global and strategic significance. The growing inter-dependence of nations provides both the opportunity and the obligation for India and China to cooperate together to meet the challenges facing the international community.

“India-China relations have achieved a high degree of maturity that serves the interest of our two peoples. As the Asian century unfolds, we must work together to bring peace, stability and development to our peoples, to the region and to the world at large.”

- Indian Premier Manmohan Singh, speaking at a banquet for Chinese Premier Wen Jiabao during his state visit to India last week.

“China attaches great importance to India's status in international affairs as a large developing country, understands and supports India's aspiration to play a greater role in the United Nations, including in the Security Council. China welcomed India's election to non-permanent membership of UN Security Council during 2011-2012 and both countries agreed to deepen consultation within the Council.”

- Joint communiqué by the two states on Dec 16, 2010.

Indian and China agreed a new $100bn bilateral trade target by 2015, up from $60bn in 2010, the BBC reported. They also agreed to take measures to promote greater Indian exports to China, to reduce India's trade deficit. India, like the United States, runs a huge trade deficit with China.

During the Chinese Premier's visit the two states signed almost 50 trade pacts. Mr. Wen was accompanied to India by 400 Chinese business leaders, including chiefs of top firms like power equipment major Shanghai Electric, metals refiner SinoSteel and telecom gear giants ZTE and Huewei, the Financial Express reported.