China has protested India's new changes to the Foreign Direct Investment (FDI) policy that mandate government approval for all investments by neighbouring countries, including China. Two days back, New Delhi effectively closed the 'automatic route' of investing for Chinese firms and individuals. An increasing amount of funds had recently started to flow into the start-up, e-commerce and digital sectors in recent years through the route.
But on Monday, China retorted that this will make investments difficult. "As of December 2019, China’s cumulative investment in India has exceeded eight billion US dollars, far more than the total investments of India’s other border-sharing countries. The impact of the policy on Chinese investors is clear. Chinese investment has driven the development of India’s industries, such as mobile phone, household electrical appliances, infrastructure and automobile, creating a large number of jobs in India, and promoting mutual beneficial and win-win cooperation," said Counsellor Ji Rong, spokesperson of the Chinese Embassy in India in a statement released by the Embassy in the afternoon.
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