China and Zambia Strengthen Ties, Prioritize Crucial Financial Sectors

Zambia’s President Hakainde Hichilema not too long ago visited Beijing to meet with Chinese President Xi Jinping. In the course of the meeting, President Xi expressed China’s help for Zambia’s national sovereignty, safety, and improvement interests. The two nations decided to upgrade their connection to a “comprehensive strategic cooperative partnership,” with a concentrate on expanding cooperation in infrastructure, agriculture, mining, and clean power.

1 crucial subject of discussion was Zambia’s external debt and its need to restructure it with the enable of China. In addition, Zambia is looking for extra trade possibilities with China, as it is the world’s second-biggest economy. President Hichilema expressed gratitude to China for its help of the African Union’s accession to the Group of 20 important economies and its function in resolving Zambia’s debt difficulty.

China has important financial interests in Zambia, obtaining invested in more than 30 projects in between 2014 and 2023 via its Belt and Road Initiative. These projects, worth a total of $11.three billion, cover sectors such as power, agriculture, and aviation. Moreover, China is an crucial export industry for Zambia, specifically for copper.

President Hichilema emphasized Zambia’s commitment to the one particular-China principle and expressed a need to understand from China’s improvement encounter. President Xi, on the other hand, affirmed China’s help for the entry of extra higher-excellent Zambian items into the Chinese industry and encouraged Chinese-funded enterprises to invest in Zambia.

The particulars of any debt agreements in between China and Zambia have not been disclosed at this time. President Hichilema’s take a look at to China will continue till Saturday.

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