Poorly developed financial relations limit boost to cooperation between China and Portuguese-speaking countries
[ 2009-11-25
]
Lisbon, Portugal, 25 Nov – Financial relations between China and the Portuguese-speaking countries are little developed, which has limited the rise in cooperation, the economic advisor to the Chinese embassy in Portugal said Thursday in Lisbon.
“The economic relations between China and the Portuguese-speaking countries are still at a trade and investment level and financial cooperation, namely directly between banks are still relatively delayed, which limits the rise in cooperation and prevents rapid and sustained development,” said Xia Xiaoling.
The economic advisor, who was speaking in Lisbon at a seminar on relations between China and the Portuguese-speaking countries, noted that in 2007 Portugal and China had agreed to set up a US$300 million credit line to support Portuguese exports to China.
She said that a working group from the China Development Bank was currently in Portugal to speak with representatives of Portuguese banks and study potential bilateral projects with them.
According to Xia Xiaoling, government cooperation also needs to be “more practical and operational.”
At the seminar, which was also attended by the Chinese ambassador to Portugal, Gao Kexiang, the importance of economic relations between China and the Portuguese-speaking countries was noted, as the Portuguese-speaking world represents a potential market of 250 million people on all the continents.
“In the last few years there has been greater proximity in the relationship between China and Portugal, Brazil, Angola, Cape Verde, Guinea Bissau, Mozambique and East Timor. In 2008 trade [...] totalled US$77 billion,” said Gao Kexiang.
Noting the Global China-Portugal Strategic Partnership established in 2005, the diplomat said that “bilateral relations have progresses significantly,” and that nowadays China “already considers Portugal to be a trustworthy strategic partner within The European Union.”
Gao Kexiang noted China’s efforts to boost growth of “cooperation of reciprocal benefit,” with Portuguese-speaking countries, noting the “satisfactory results” achieved in relations with Brazil and the “solid bases for cooperation” that it had been possible to establish with East Timor, despite the recent diplomatic relationship with this country.
In this context the Chinese ambassador noted the role of Macau as a cooperation platform between the two sides. (macauhub)
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