In the first India-China Strategic Economic Dialogue held in Beijing, Indian delegates headed by Deputy-chairman of the Planning Commission, Montek Singh Ahluwalia told media the dialogue serves as a "knowledge transfer" conveying substantial benefits to both countries, The Hindu reported.

"China's economic reforms began a decade and more before those of India," the deputy-chairman addressed Zhang Ping, head of China's National Development Reform Commission.

"We in India are deeply impressed by your progress and we believe there are many lessons from your experience that may be valuable to us," Deputy-chairman Ahluwalia continued.

Among other agenda, the economic dialogue will focus on economic cooperation, opening up of each nation's markets, enhancing investment environment, and building a six-high speed rail corridors in India by Chinese contractors.

Chinese Foreign Ministry spokesperson, Hong Lei, told media the first day of the dialogue tackled three topics-the railways, water resources, and energy efficiency and the environment.

Related reports said the delegates from India were particularly interested in cooperation of railway networks as China recently successfully built the world's largest and high-speed rail network.

The two countries have also mutually consented on resolving water scarcity and climate change. The water scarcity in India is prevalent in almost all states forcing residents to fetch contaminated water from rivers, wells, and ponds resulting in contagion of Hepatitis A, B, C, E viruses.

Mr. Zhang Ping said in his dialogue with the Indian delegates that the mutual economic cooperation would enhance trust and promote the long-term and steady development of both economies and have a profound impact on both countries.

Chinese Premier Wen Jiabao consented to instituting the bilateral dialogue during his visit to India in December 2010. He told media the dialogue will have mutual benefits to both countries as they would go beyond trading. They would share developmental experiences and platform to leverage common interests.