"Indian business is ready to face the brave new world of globalisation. China is an important part of that brave new world. We must engage China and learn to both compete and cooperate," Singh, who began a three-day maiden visit here, said at a brainstorming session with the business delegation accompanying him ahead of the Sino-Indian business summit on Monday.

Urging Indian business to ‘think big’, the Prime Minister asked the industry leaders to study China and to identify opportunities for business and greater engagement, stressing that their was enough space in the world for both countries to continue to grow.

At a time when there are concerns about a global economic slowdown, China and India can sustain global growth through their own development, Singh said.

Singh observed that a large part of the thinking in India about China is shaped by western views of China, and that there is need for greater investment in India in a better understanding of the processes of change in China.