Chinese President Xi Jinping met with Sri Lanka's President Anura Kumara Dissanayake in Beijing on January 15, heralding a new era in bilateral relations. This meeting comes amid a complex backdrop where China accounted for more than half of Sri Lanka's bilateral debt during its economic crash. In 2022, Sri Lanka defaulted on its foreign borrowings, leading to severe shortages in food, fuel, and medicine. Despite these challenges, Xi Jinping emphasized the "historical opportunity" to foster stronger ties between the two nations.
Xi Jinping conveyed China’s readiness to support Sri Lanka's economic recovery through the Belt and Road infrastructure initiative (BRI). He stated that China would "actively support Sri Lanka in focusing on economic development and promote high-quality cooperation." The BRI has been a cornerstone of China-Sri Lanka relations, particularly evident when Sri Lanka handed over its strategic Hambantota port to a Beijing company on a 99-year lease for US$1.12 billion in December 2017.
"China-Sri Lanka relations face a historical opportunity to build on the past and forge ahead." – Xi Jinping
Sri Lanka’s strategic location on the world's busiest shipping route enhances the significance of its maritime assets, making it a focal point for regional influence. Both China and India are vying for prominence in the Indian Ocean region, where Sri Lanka’s ports play a crucial role. Dissanayake's visit to China follows his red-carpet reception by India's President Narendra Modi, highlighting the geopolitical significance of Sri Lanka's alliances.
Since assuming office in September, Dissanayake has consolidated his power following a landslide victory in snap parliamentary polls in November. His diplomatic engagements indicate Sri Lanka’s intent to balance its relationships with major powers in the region. During the meeting, Xi Jinping encouraged the two nations to view their relationship from "a strategic perspective and build a China-Sri Lanka community with a shared future."
"The two sides should see ties from 'a strategic perspective and build a China-Sri Lanka community with a shared future.'" – Xi Jinping
Xi assured that China would strengthen cooperation with Sri Lanka to promote high-quality engagement, focusing on economic recovery and infrastructure development through the BRI. The Chinese President reiterated his commitment to enhancing bilateral ties, which could help alleviate some of the economic burdens faced by Sri Lanka due to its recent financial crisis.
"Actively support Sri Lanka in focusing on economic development and promote high-quality cooperation." – Xi Jinping
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