China and Zambia Strengthen Ties, Prioritize Key Financial Sectors

Zambia’s President Hakainde Hichilema just lately visited Beijing to satisfy with Chinese language President Xi Jinping. Throughout the assembly, President Xi expressed China’s help for Zambia’s nationwide sovereignty, safety, and growth pursuits. The 2 international locations determined to improve their relationship to a “complete strategic cooperative partnership,” with a deal with increasing cooperation in infrastructure, agriculture, mining, and clear power.

One key subject of debate was Zambia’s exterior debt and its want to restructure it with the assistance of China. As well as, Zambia is in search of extra commerce alternatives with China, as it’s the world’s second-largest economic system. President Hichilema expressed gratitude to China for its help of the African Union’s accession to the Group of 20 main economies and its function in resolving Zambia’s debt downside.

China has important financial pursuits in Zambia, having invested in over 30 tasks between 2014 and 2023 by way of its Belt and Street Initiative. These tasks, price a complete of $11.3 billion, cowl sectors corresponding to power, agriculture, and aviation. Moreover, China is a vital export marketplace for Zambia, significantly for copper.

President Hichilema emphasised Zambia’s dedication to the one-China precept and expressed a want to study from China’s growth expertise. President Xi, then again, affirmed China’s help for the entry of extra high-quality Zambian merchandise into the Chinese language market and inspired Chinese language-funded enterprises to spend money on Zambia.

The main points of any debt agreements between China and Zambia haven’t been disclosed right now. President Hichilema’s go to to China will proceed till Saturday.

[Reporting by Ethan Wang, Liz Lee, Joe Cash, and Bernard Orr; editing by Jacqueline Wong, Tom Hogue, and Mark Heinrich]

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