Emphasising that India and China are not rivals but partners of development, Chinese Ambassador Zhang Yan has cautioned against people who are not 'happy' with the current momentum in Sino-Indian relations.

"China and India are partners of development instead of rivals. There is enough space for the two countries to grow and prosper together," Zhang said at a reception in his honour hosted by Unity International Foundation on Thursday evening.

"Maybe, there are people who are not quite happy about the current development of our bilateral relations. However, the growth of friendship and cooperation between our two peoples and two countries is a trend of time," he said, without mentioning any nation or group.

Evaluating Prime Minister Manmohan Singh's recent visit to Beijing, Zhang, who took charge of China's mission in New Delhi three months back, described it as 'another milestone' for the two countries.

"It has injected new impetus to the development of our bilateral relations and provided a historical opportunity for our two countries to work together for the betterment of our people and the world as a whole," he said.

China has always attached great importance to the development of Sino-Indian relations, he said, adding "we hold that the two countries have more consensus than differences."

"The relationship between China and India has gone well beyond the bilateral context and acquired global and strategic dimension in importance," Zhang said.

He said Beijing [Images] is ready to work with New Delhi to create 'favourable political conditions, increase mutual trust and seek new ways to expand economic and trade cooperation on the basis of equality and mutual benefits."

The Chinese ambassador noted that during Dr Singh's visit the two sides revised the target for bilateral trade volume from $40 billion to $60 billion by 2010.

The two governments have also agreed to work together to expand mutual investment and initiate negotiations on a Regional Trade Arrangement in a 'suitable time', he said.

Zhang noted that the 'Shared Vision for the 21st Century of China and India' signed by Dr Singh and his Chinese counterpart Wen Jiabao envisages promotion of military exchanges and defence dialogue.

The two countries will also hold the second joint anti-terrorism training exercise and strengthen cooperation in international and regional issues in combating traditional and non-traditional security threats.

He said Foreign Ministers of the two countries will exchange visits this year and both sides will also hold the fourth round of strategic dialogue.

In the political field, the two governments have agreed to maintain the momentum for high-level exchanges to deepen political mutual trust, he said.

"As Chinese ambassador to India, I can assure you that I am committed to further promoting the important relationship between the two countries," he said.