New Delhi, Nov 1 (IANS) Dispelling the impression of rivalry with India, a senior leader of the Communist Party of China (CPC) Monday said "good-neighbourly" relations between them were not only beneficial to the two countries but also conducive to peace in Asia.

"We share wide ranging interests. Both as developing countries, China and India faced the tasks of developing economy, improving people's wellbeing and maintaining stability," said Zhou Yongkang, the ninth ranking leader of the influential politburo of the CPC.

"We know that the good-neighbourly friendship and cooperation between China and India serve the fundamental relations between our two countries and the will of our two peoples, and are conducive to promoting peace and development in Asia and the world at large," he said.

He stressed complementarity between the two Asian neighbors amid reports of differences over a host of issues, including the Chinese practice of issuing stapled visas for residents of Jammu and Kashmir.

Zhou pointed out that in recent years, the China-India relations have maintained a good momentum of all-round development.

Zhou began his three-day visit to India Sunday and kicks off a string of high-level official interactions, including for the boundary talks later this month and the visit of Chinese Premier Wen Jiabao to India in December.

Zhou participated in a seminar on 'China and India: 60 years and beyond', organised by the foreign affairs department of the Congress party.

External Affairs Minister S.M. Krishna said at the seminar that the relationship between India and China is grossly under-realised and that both countries face similar challenges, including of food and energy security, inclusive growth and skill development.

Krishna also expressed the hope that China would provide a level playing field to India in pharmaceuticals and IT sectors.