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Bank of China ready to support Zambia’s growth

THE Bank of China is ready to leverage its financial expertise to support Zambia’s economic growth, the bank’s vice- president Lin Jingzhen.

Mr Lin said yesterday when he paid a courtesy call on President Hakainde Hichilema that the bank valued Zambia’s development and it was the first country in Africa to host the Chinese bank.

Mr Lin said his bank was aware that in September, President Hichilema and Chinese President Xi Jinping signed a joint statement to elevate the relationship to have a comprehensive strategic relationship.

He said he was in Zambia to reinforce the consensus reached by the two presidents and as the fourth world’s largest bank with presence in 64 countries, the Bank of China wanted to use its globalisation stance to further strengthen ties with Zambia, using its premium financial services.

He said it was good that there was an agreement on the promotion of the use of local currencies for bilateral trade and his bank was a local currency clearing institution.

Mr Lin said the Bank of China was ready to use its branch in Zambia to help other African countries and contribute to the Africa- China relations.

He said the bank had been operational in Zambia for 26 years and had full confidence in the Zambia- China relations and in future it would support a win-win co-operation between the two countries.

In response, President Hichilema said China and Zambia enjoyed long historical relations and successive presidents in both countries had worked together to advance the relations.

“Leaders of today are clear that the relationship must grow and grow.
This is the reason that in September we visited China building on the foundation of relations, which was an enriching visit,” he said.

The President said the relations had been in good and bad times and when the New Dawn Administration embarked on debt restructuring, China was there.

He said during his visit to China, a joint communique was signed which should now be interpreted by institutions in both Zambia and China for it to be operational and enhance relations.

Mr Hichilema said Zambia supported the one China policy.

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