China state-run bank ICBC launches India-dedicated fund

India’s GDP takes up almost 7 percent of the world’s.

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China state-run bank ICBC launches India-dedicated fund

The world’s largest bank, the Industrial and Commercial Bank of China, launched on Monday; China’s first publicly-offered fund for investing in India which will invest in exchange-traded funds listed on more than 20 exchanges in Europe and in the United States that are based on the Indian market, as ICBC puts it in a release, India, the second-largest emerging market economy, is taking off. India’s GDP contributed about 7 percent to the global GDP, and the country’s current economic situation is similar to China’s before it rose to become the world’s second-largest economy.

The move came in the wake of the first informal summit between Chinese President XI Jinping and Indian Prime Minister Narendra Modi in Wuhan, China, about half a month ago. Xi and Modi talked about the partnership between the two countries in boosting the economic development of both countries.

Source: The Times of India