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China, Sri Lanka agree more financial investment and financial cooperation

China and Sri Lanka agreed on more financial investment and financial cooperation on Wednesday as China's President Xi Jinping met recentlyelected Sri Lankan President Anura Kumara Dissanayake in Beijing.

The countries signed 15 cooperation files, including arrangements on economic and technological development and aligning China's 'Belt and Road Initiative' with Sri Lanka's. 2030 digital economy blueprint.

Specifics of the deals were not divulged at the signing. ceremony.

Dissanayake's see to his nation's biggest bilateral. lender comes after very first taking a trip to local competing India.

Dissanayake won a big majority in September's election,. vowing to tweak the regards to an International Monetary Fund. rescue plan, and on his leftist union's plans to eliminate. poverty and graft.

Sri Lanka had been moving closer to China under the previous. Rajapaksa government, leaning heavily on Chinese loaning to. develop highways, a port, an airport and a coal power plant as. part of Xi's flagship cross-continent Belt and Road. facilities initiative.

Colombo protected a preliminary $10 billion bilateral financial obligation. offer remodel with essential lending institutions consisting of China, Japan and India. last June and a $12.5 billion bondholder deal in December.

Nevertheless, it needs direct agreements with China EXIM Bank and. China Advancement Bank to lock in the deal to continue. demonstrating development to the IMF in reorganizing its foreign. debt to secure more disbursements from a $2.9 billion IMF. bailout program.

I am willing to work with you, Mr President, to chart a brand-new. vision for the advancement of bilateral relations and promote. brand-new and greater achievements in China-Sri Lanka's friendship and. cooperation, Xi informed Dissanayake on Wednesday, speaking at the. Great Hall of the People.

Inviting more Chinese investment, Dissanayake told his. host: China has actually supported crucial and important facilities. advancement in Sri Lanka through the Belt and Roadway Effort and. China has actually been and remains an essential advancement partner.

However throughout his visit to Delhi in December, Dissanayake. struck a wide range of energy and security cooperation. agreements with the other local superpower, signalling his. brand-new government wants to become less dependent on Beijing.

Sri Lanka's economy has actually begun a tentative recovery, but the. high cost of living is still a vital problem for many,. especially the poor.

China, the world's second-largest economy, might give an. financial assisting hand by buying more Sri Lankan items, of which. it mainly buys tea, clothing, chemicals and other products,. according to U.N. COMTRADE data, and through encouraging more. Chinese tourists to think about holidaying there.

It is needed to enhance people-to-people exchanges. in between the 2 sides and boost new ties in between the 2. peoples, Xi informed Dissanayake, according to the Chinese state. broadcaster.

(source: Reuters)