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China to keep supporting Sri Lanka on debt sustainability: spokesman

China

China to keep supporting Sri Lanka on debt sustainability: spokesman
China

China

China to keep supporting Sri Lanka on debt sustainability: spokesman

2024-06-20 00:03 Last Updated At:01:17

China will keep supporting Sri Lanka to achieve debt sustainability as it has always been doing to help the country's socioeconomic development, said a Chinese Foreign Ministry spokesman in Beijing on Wednesday.

Lin Jian, the spokesman, made the remarks at a regular press conference in response to a media question about the recent diplomatic consultations between China and Sri Lanka in the Chinese capital.

"On the 13th round of China-Sri Lanka diplomatic consultations, China has released a readout, which you may refer to. What I can tell you is that the Chinese side has been providing assistance to Sri Lanka's socioeconomic development to the best of our capability. We stand ready to continue to work with relevant countries and international financial institutions to support Sri Lanka's debt sustainability," he said.

China to keep supporting Sri Lanka on debt sustainability: spokesman

China to keep supporting Sri Lanka on debt sustainability: spokesman

Reforms mapped out in a resolution of the third plenary session of the 20th Central Committee of the Communist Party of China (CPC) lay out a path for China to become a developed country by building on recent policies that have opened the economy to foreign capital, according to Grow Investment's chief economist Hong Hao.

The 20th CPC Central Committee adopted the resolution on further deepening reform comprehensively to advance Chinese modernization at its third plenary session held in Beijing from Monday to Thursday, drawing up a sweeping blueprint that will guide China's reform and opening-up for years to come.

Offering the first glimpse of what nearly 400 officials discussed behind closed doors during the four-day meeting, it outlined the country's aim to build into a "high-level socialist market economy" by 2035.

In his analysis of the readout, Hong underscored the country's transition to an economy centered on innovation.

"I think right now China is going through the process of restructuring its growth engine. So in the past twenty years, it has been exports and also it has been the domestic property market that have been driving Chinese growth. I think going forward, there's a new term that is being mentioned many times in the recent communique (resolution), which is the new [quality] productive forces. So we are hoping in the next stage of growth, we're trying to use technological advancement and other forms of new technology to help China go into a medium-level developed country," said the chief economist.

Financial reform is one of the main focuses of the document, which calls for tax cuts and deepening institutional reform in finance and fiscal policy.

In Hong's view, these reforms will likely be key to enticing more foreign capital into the country's financial sector.

"Since a couple of years ago, we've been allowing foreign capital to increase its stake in many of the financial industries in China, for example, insurance, mutual fund companies. So right now the foreign capital can own a majority at stake in many of these companies. I think going forward, there's also a reform of how the mutual fund industry is being regulated, how financial professionals have been compensated in the financial industry and also how best to use the financial instruments as the instrument to propel Chinese growth," said Hong.

More reforms to unlock "hidden productive forces" of China’s economy: investment economist

More reforms to unlock "hidden productive forces" of China’s economy: investment economist

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