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Solomon Islands PM hopes for more cooperation with China in key fields

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Solomon Islands PM hopes for more cooperation with China in key fields

2024-07-12 09:25 Last Updated At:19:27

Solomon Islands is looking forward to deepening cooperation with China in the key fields, including infrastructure construction, poverty alleviation and education, said Solomon Islands Prime Minister Jeremiah Manele during his visit to the China Communications Construction Company (CCCC) in Beijing on Thursday.

Manele is paying an official visit to China from July 9 to 15 at the invitation of Chinese Premier Li Qiang. The prime minster was given a 3D-model tour of China's landmark projects, including the Hong Kong-Zhuhai-Macao Bridge, the world's longest cross-sea bridge, to the world's largest single-unit automated container terminal, Yangshan Port, and China's independently developed shield tunneling machine. Manele was also engrossed with the country's investments in the Colombo Port City project in Sri Lanka.

Manele highlighted that infrastructure construction in the Solomon Islands still lags behind that of other Pacific Island countries. He commended Chinese companies such as the CCCC for the construction of major infrastructure projects, including bridges, airports and schools in the island nation, which has improved the lives of many people.

"We signed diplomatic relations with China in 2019, it's been five years. A lot has been achieved during the last five years. Infrastructure is a number one priority that my government has, so we want to continue the developments that we have started in the last five years," said the prime minister.

The prime minister has witnessed the growing relations between China and the Solomons over the last 5 years. In 2019, when the two countries established diplomatic ties, he came to China as the then foreign minister. Just over two months after taking office as prime minister, Manele has visited China with ministers and senior officials, and looks forward to signing some cooperation agreements.

He emphasized that Solomon Islands supports a series of initiatives and proposals put forward by China, including the Global Development Initiative, which he believes can foster world peace and cooperation. At the same time, he also hopes the island nation can attain development experience from China's modernization efforts.

"I believe we have a lot to learn from China. Two days ago we were in Fujian Province at the China-Pacific Island Countries Poverty Alleviation [and Cooperative Development] Center. And that is an area that we would also like to collaborate with China, in terms of how do you address poverty in your country, of course, taking into account local conditions. Education is also important, manpower resource upskilling, that's critical for any country to move forward," he said.

China and Solomon Islands have officially established a comprehensive strategic partnership featuring mutual respect and common development for a new era.

Manele stressed that by establishing diplomatic ties with China, Solomon Islands stands on the right side of history, adding that he looks forward for the relationship between the two countries to become a model of South-South cooperation.

Solomon Islands PM hopes for more cooperation with China in key fields

Solomon Islands PM hopes for more cooperation with China in key fields

Solomon Islands to deepen cooperation with China to boost economic growth: PM

Solomon Islands to deepen cooperation with China to boost economic growth: PM

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ECB cuts interest rates by 25 basis points

2025-03-07 03:04 Last Updated At:03:17

The European Central Bank (ECB) announced on Thursday that it would slash key interest rates by 25 basis points in a bid to wind down the restrictive monetary policy.

Effective from March 12, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be decreased to 2.50 percent, 2.65 percent and 2.90 percent respectively, said the central bank in a statement.

The disinflation process is well on track, with headline inflation averaging 2.3 percent in 2025, 1.9 percent in 2026 and 2.0 percent in 2027, the ECB said.

The decision to keep on cutting rates came at a time when the economy in the eurozone is facing increasing uncertainties.

In its latest edition of the staff projections on Thursday, the ECB lowered its forecast for economic growth in the eurozone to 0.9 percent for 2025, 1.2 percent for 2026 and 1.3 percent for 2027.

This marks a downward revision from the ECB's forecast in December last year, which had projected 1.1 percent growth in 2025 and 1.4 percent in 2026, while the 2027 outlook remains unchanged.

The ECB attributed the weaker growth outlook for 2025 and 2026 to declining exports and sluggish investment, citing high trade policy uncertainty and broader economic instability as key factors.

ECB cuts interest rates by 25 basis points

ECB cuts interest rates by 25 basis points

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