China offers dollops of economic assistance

Chinese President Xi Jinping has assured Prime Minister Sheikh Hasina of continued support for Bangladesh's journey towards development.

"China will help Bangladesh economically in four ways by giving grants, interest-free loans, concessional loans and commercial loans," the Chinese president said during a bilateral meeting with Prime Minister Sheikh Hasina at the Great Hall of the People in Beijing today (10 July), reports BSS.

Earlier in the day, PM Hasina held a meeting with her Chinese counterpart Li Qiang. Briefing reporters later, Foreign Minister Hasan Mahmud said the Chinese premier announced to provide one billion yuan for Bangladesh as economic assistance. Also, 21 instruments were signed and seven projects were announced.

Hasan said the Chinese president mentioned that technical committees from both countries will sit together to decide how the four types of financial assistance will be given to Bangladesh to support its development.

"A technical committee from China will soon visit Bangladesh," Xi Jinping told PM Hasina.

The Chinese president raised the Rohingya issue well before the Bangladesh prime minister raised the matter, Hasan said.

Xi said, "We will play an important role in resolving the Rohingya problem by holding talks with the Myanmar government and the Arakan army."

Xi also thanked the Bangladesh premier for giving shelter to several lakh Rohingyas in Bangladesh.

As the Bangladesh premier sought Chinese investment in Bangladesh, the Chinese president said, "We want to invest more in Bangladesh continuously."

When Sheikh Hasina sought Chinese support for developing Bangladesh's southern region, the Chinese president assured of providing assistance.

The Bangladesh prime minister highly praised the extraordinary development of China in the last few decades. "China is an inspiration for developing countries like us," she said.

The premier thanked the Chinese president for helping Bangladesh in building some iconic structures like the Padma Bridge and Bangabandhu Tunnel under the Karnaphuli River.

During the meeting, both leaders expressed their desire to take the bilateral relations between the two countries to a new height.

Xi Jinping said, "We, the two countries, are going to celebrate 50 years of diplomatic relations next year. Marking the celebration, we want to take the existing strategic relations to the next step."

Sheikh Hasina raised the issue of the trade imbalance between the countries and called upon China to mitigate the gap.

In response, Xi said, "We will import more goods from Bangladesh." He said China will import mango from Bangladesh.

The PM sought more investment in 100 economic zones and IT villages being set up in Bangladesh. In reply, Xi said they want to invest more in Bangladesh.

The Chinese president also expressed his desire to work with Bangladesh on the international stage. "China and Bangladesh will work together to establish global peace and prosperity," he said.

Sheikh Hasina also sought Chinese assistance in the development of the agriculture sector of Bangladesh.

The Chinese president said it is very important to be self-reliant in agriculture for a country and assured of helping Bangladesh in this sector by providing technical support and necessary training.

Xi also stressed the need for more cultural exchanges and people-to-people contact.

Both the leaders called for deepening the relations between the Awami League and the Chinese Communist Party.

"It is necessary for good [political] parties to ensure the rule of law," Xi said.

Sheikh Hasina's three-day bilateral visit to China concluded with a meeting with Xi Jinping, followed by another bilateral meeting with Chinese Prime Minister Li Qiang.

Sheikh Hasina left Beijing for Dhaka tonight. A special flight of the Biman Bangladesh Airlines, carrying the premier and her entourage members, departed the Beijing Capital International Airport for home at 10:05pm (local time).

The flight was scheduled to land at the Shahjalal International Airport at 1am (Bangladesh time) today.

Chinese PM announces 1 billion yuan in aid

Foreign Minister Hasan said the Chinese premier also expressed his desire to take the relations between Bangladesh and China to a new level.

Following the Bangladesh premier's meeting with her Chinese counterpart, Bangladesh and China signed 21 instruments, including three renewed Memoranda of Understanding (MoUs), and announced seven additional projects to elevate their relationship from a "strategic partnership" to a "comprehensive strategic cooperative partnership." 

The instruments were inked in the presence of Sheikh Hasina and Li Qiang after the delegation-level talks between the two countries at the Great Hall of the People, Beijing.

Earlier, the Bangladesh prime minister was accorded a red-carpet reception as she reached the Great Hall of the People to have a bilateral meeting with her Chinese counterpart.

On her arrival at the premises of the Great Hall of the People, the prime minister was received by the Chinese premier.

The bilateral talks mainly featured the Rohingya issue, business, trade and commerce, investments, and bilateral relations alongside various regional and international matters.

Ahsan H Mansur, executive director of the Policy Research Institute (PRI), told TBS, "Bangladesh's engagement with countries like China is crucial, and foreign financing is necessary. However, judgement is very important here as we should only accept necessary financing and avoid unnecessary funds."

He said projects funded by such loans often lack transparency. Increased transparency in financing and project implementation is essential and should be thoroughly discussed at various levels.

Mansur also noted a lack of clarity from both parties regarding China's commitment to Rohingya repatriation. Furthermore, there is a notable absence of information concerning Bangladesh's expectations for receiving balance of payment support, which is "unpleasantly surprising".

Former foreign secretary Md Touhid Hossain said, "China's president has pledged four types of aid, but we lack clarity on the proportions of commercial loans, concessional loans, and interest-free loans. I am sceptical about the size of grants, which may only be a token amount."

He told TBS, "We urgently need substantial concessional loans, which we have not yet received from China. Moreover, a commitment of just 1 billion yuan will not significantly impact our economy."

The signed 21 instruments are:

1. An MoU on strengthening investment cooperation in the digital economy.
2. An MoU between China National Financial Regulatory Administration and Bangladesh Bank on banking and insurance regulations.
3. A protocol of phytosanitary requirements for the export of fresh mangoes from Bangladesh to China.
4. An MoU on exchange and cooperation in the field of economic development policy.
5. An MoU on trade and investment cooperation.
6. An MoU on strengthening digital economy corporations.
7. Signing of minutes of discussions on the feasibility study of the China-aid National Emergency Operation Centre in Bangladesh project.
8. Exchange letters on the China-aid 6th Bangladesh-China Friendship Bridge renovation project.
9. Exchange letters on the feasibility study of the China-aid Nateshwar Archaeological Site Park in Bangladesh project.
10. Exchange letters on the China-aid 9th Bangladesh-China Friendship Bridge project.
11. An MoU on strengthening the cooperation in medical care and public health.
12. An MoU on strengthening infrastructure cooperation.
13. An MoU on cooperation on green and low-carbon development.
14. Renewing the MoU on the provision of hydrological information of the Yaluzangbu/ Brahmaputra River in flood season.
15. An MoU between China's National Radio and Television Administration and the Ministry of Information and Broadcasting of Bangladesh.
16. An MoU between the China Media Group (CMG) and Bangladesh Sangbad Sangstha (BSS).
17. An MoU between the China Media Group (CMG) and BTV.
18. An agreement between the Xinhua News Agency and BSS.
19. An Agreement between the Xinhua News Agency and BTV.
20. Renewing the MoU between the Ministry of Education of China and the Ministry of Education of Bangladesh.
21. An MoU regarding a public-private partnership for sustainable infrastructure development.

Seven announced projects are:

1. Announcement of the conclusion of the joint feasibility study on the China-Bangladesh Free Trade Agreement (FTA).
2. Announcing the commencement of negotiation on the optimisation of the China-Bangladesh Bilateral Investment Treaty.
3. Announcing the completion of the modernisation of the telecommunication network for digital connectivity project.
4. Announcing the completion of the trial run of the single-point mooring with the double pipeline project.
5. Announcing the commencement of the Rajshahi Wasa surface water treatment plant.
6. Signing an MoU between Shandong Agricultural University and Bangabandhu Sheikh Mujibur Rahman Agricultural University, Gazipur.
7. Announcing the construction of the Luban Workshop in Bangladesh.

Bangladeshi and Chinese firms ink 16 MoUs earlier

Earlier on 9 July, Bangladeshi and Chinese companies signed 16 memoranda of understanding (MoUs) in Beijing to boost collaboration in textiles, electric vehicles, solar power, financial technology, and technology at a summit focused on trade and investment opportunities between the two countries.