Chinese Ambassador to Sri Lanka Qi Zhenhong on Friday said the Export-Import Bank of China (EXIM) had incurred a loss of over US$ 7 billion, due to restructuring of Sri Lanka’s debt. During a discussion with a group of Sri Lankan journalists on Friday evening Ambassador Qi Zhenhong said his country does not boast or shout about its assistance to Sri Lanka and as thus such details are not in the public domain.
While China EXIM Bank sat outside of the Official Creditor Committee (OCC), it was notably the first bilateral creditor to finalise the debt restructuring agreement in October 2023, the Ambassador observed.
“Although, some cast aspersions about China’s assistance towards Sri Lanka the Ambassador emphasised that his country has no-hidden agenda, but only Sri Lanka’s well-being in mind.
“However, the public does not know about these details. This is because we do not shout about our assistance to Sri Lanka unlike some others, because our intentions are sincere” he added.
When a journalist drew the attention of the Ambassador to some disparaging remarks made by a parliamentarian from the North against China in connection with illegal fishing in northern waters, the Ambassador said he was completely in the dark about the matter and the comments made by the MP were utterly baseless and false.
Responding to questions, the Chinese envoy said his country has no dispute with India and both countries have grown rapidly over the years and should work together to achieve shared goals.
“In fact, I hope China, India and Sri Lanka can work together one day to implement a viable project here” he added.
The Chinese envoy went on to say, China has maintained good relations with successive Governments of Sri Lanka and carried out a large number of projects, which have greatly improved Sri Lanka’s economic and social development.
“The cooperation between our two countries based on historical, friendly and diplomatic ties always adheres to extensive consultation, joint contribution, and sharing benefit’, which never attaches any conditions. The ultimate goal of our cooperation is to bring tangible benefits to the people of Sri Lanka,” he said.
The Chinese envoy further said the robust ties between China and Sri Lanka had reached a new high with the recent visit of President Anura Kumara Dissanayake to his country.
He said both countries should work together to implement the 15 MoU’s signed during Sri Lanka President’s visit, looking for a win-win situation.
Talking about the recently concluded China’s annual Two Sessions, the concurrent meetings of China’s legislature, the National People’s Congress (NPC), and its political advisory body, the Chinese People’s Political Consultative Conference (CPPCC), the Ambassador said it was highly successful and observations, suggestions and views of the general public was widely taken on board.
Commenting on the subsequent Chinese Government Work Report which outlined the country’s main goals, tasks, and policy measures for 2025 he said China targets economic growth of around 5% in 2025.
The report also outlines an array of other key development goals for this year, including a surveyed urban unemployment rate of around 5.5%, over 12 million new urban jobs, and an around 2% increase in the consumer price index and China aims for deficit-to-GDP ratio of around 4%.
China will also advance integrated and clustered development of strategic emerging industries, carry out demonstration initiatives on the large-scale application of new technologies, products, and scenarios, and promote safe and sound development of commercial space, the low-altitude economy, and other emerging industries.
The country will also establish a mechanism to increase funding for industries of the future and foster industries such as biomanufacturing, quantum technology, embodied AI, and 6G technology.
China will also accelerate the high-quality development of key industrial chains in the manufacturing sector and step up efforts to advance industrial foundation re-engineering and major technology and equipment research.
Under the AI Plus initiative, China will work to effectively combine digital technologies with the country’s manufacturing and market strengths. The country will support the extensive application of large-scale AI models and vigorously develop new-generation intelligent terminals and smart manufacturing equipment, including intelligent connected new-energy vehicles, AI-enabled phones and computers, and intelligent robots.
China will also work toward stabilising foreign trade, vigorously encourage foreign investment, pursue solid progress in high-quality Belt and Road cooperation, and deepen multilateral, bilateral, and regional economic cooperation.
The Ambassador said these measures augurs well for China and the international investors and community including Sri Lanka.