Ambassador Zhenhong urges Sri Lanka to capitalise on China’s economic growth

Sri Lanka should seek to further deepen its ties with China, given China’s consistent support in development and challenging times, according to Ambassador of the People’s Republic of China to Sri Lanka Qi Zhenhong. 
He expressed hope that Sri Lanka could benefit from China’s rapid economic growth and shared prosperity.
“There should be no hesitation in advancing the China-Sri Lanka Free Trade Agreement negotiations,” he said while addressing the 23rd Annual General Meeting of the Sri Lanka-China Business Council.
He pointed out that Cambodia, as the least developed country, signed a free trade agreement with China in 2020 and has greatly benefited from it. 
Zhenhong welcomed the Sri Lankan enterprises to sell competitive and distinctive products to the Chinese market and actively participate in important exhibitions such as the CIIE, Canton Fair and China-South Asia Expo, in collaboration with the Chinese enterprises, for deep market development. 

Recently, at the commemoration of the 70th anniversary of the Five Principles of Peaceful Coexistence, President Xi Jinping announced several policies and measures to support the development of the ‘Global South’ countries. Accordingly, China has expressed willingness to negotiate free trade arrangements with more Global South countries till 2030. 
China’s cumulative imports from developing countries are expected to exceed US $ 8 trillion. This is expected to provide rare opportunities for capacity enhancement and deepening cooperation for many countries, including Sri Lanka.
According to Zhenhong, the more China develops, the more the world prospers. This opens avenues for Sri Lanka as well, he said. 
“The prospects for China-Sri Lanka cooperation are broad and we sincerely hope that the entrepreneurs of the Sri Lanka-China Business Council can play a bridge role, becoming important promoters of mutual beneficial development and common prosperity between China and Sri Lanka,” he said. 
Zhenhong expressed confidence in the prospects of China-Sri Lanka economic and trade cooperation, as it is expected to provide a new impetus for deepening the traditional friendship between China and Sri Lanka.

As one of Sri Lanka’s most important bilateral creditors, China holds about 42 percent of its bilateral debt of approximately US $ 10 billion. On June 26, an agreement on debt restructuring was reached between China and Sri Lanka, reflecting the country’s support for the island nation. 
Currently, China is the world’s largest trading country, with a total foreign trade volume of US $ 5.9 trillion in 2023, being the largest trading partner for about 166 countries and regions. China has signed 19 free trade agreements with 26 countries and regions.