China issues stung first response after India blocks its FDI under automatic route

After India amended its foreign direct investment policy to prevent hostile takeover of stressed firms amid COVID-19 pandemic via automatic FDI route, China seemingly responding to India's move said that it has done thing but act as a 'responsible country' and has proven its international cooperation.

Chinese Ambassor to India Sun Weidong in a series of tweets said that China h been first to alert world regarding pandemic and that it h helped become 'world's factory' by decreasing strain on global medical supplies. He stated that at a time like this 'cooperation' was needed inste of 'scapegoating'. 

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"As  first country to alert  world about  virus & to grapple with a serious outbreak, China served as a crucial line of defence for  world. Fighting off  virus with strength, ingenuity & sacrifice, China boosted global confidence in an ultimate victory," tweeted Sun Weidong, Chinese Ambassor to India quoting State Councilor and China's Finance Minister Wang Yi. 

"China has mand to restore its ecomy and society step by step to rmal.  early ecomic reopening of " world's factory", has significantly eased  strained global medical supplies. It will also help bring  world ecomy back to rmal at an early date," ambassor ded. 

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India amends its FDI policy

In massive development, Centre on Saturday, amended  Foreign Direct Investment (FDI) policy to ensure hostile takeover of firms facing stress due to ongoing COVID-19 lockdown. According to amendment, neighbouring countries - including China, Nepal, Banglesh, Pakistan will require government approval for investing into Indian companies. Centre has also prohibited Pakistan from investing in Indian sectors of defence, , atomic energy and sectors/activities prohibited for foreign investment. Apart from India, EU, US, Australia have checked Chinese FDI amid COVID-19 crisis. China's People's Development Bank h just last week picked up an over 1% stake in India's largest private lender HDFC bank.

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