China Hosts Regional Meeting, Announces $11.5 Billion Loan to Neighbors
Iesha javed | | Mar 24, 2016 07:51 AM EDT |
(Photo : Reuters) Chinese Premier Addresses Southeast Asian leaders.
The first Lancang-Mekong Cooperation (LMC) Leaders' Meeting "Shared River, Shared Future" started off on a hopeful note on March 23 at Sanya in China's Hainan province.
Leaders from six countries located along the Lancang-Mekong River, namely: Chinese Premier Li Keqiang, Thai Prime Minister Prayut Chan-o-cha, Cambodian Prime Minister Hun Sen, Laos Prime Minister Thongsing Thammavong, Vice President of Myanmar Sai Mauk Kham, and Vietnamese Deputy Prime Minister Pham Binh Minh came together to discuss and deliberate upon the joint future of the Southeast Asian countries.
Like Us on Facebook
On March 22, China called on nations along the Lancang-Mekong River to make the historic leaders' meeting a sucess to ensure future cooperation. On the following day, a cooperation agreement among the six countries was officially established.
During the Lancang-Mekong Cooperation meeting, China made an offer of $11.5 billion which includes 10 billion Yuan ($1.1 billion) in preferential loans and a $10 billion credit line to its neighboring Southeast Asian countries for infrastructure and other projects.
Chinese Premier said that the Lancang-Mekong sub-region was a joint home to the six nations and that over the past years the neighbors have become a family, Xinhua reported.
The Premier added that he would make efforts to persuade China's new 'Asian Infrastructure Investment Bank' and its 'Silk Road Fund' to finance projects in the peninsular region and also promote use of the Chinese Yuan currency for trade with its neighbors.
Maung Maung Lay, Vice President of the Union of Myanmar Chamber of Commerce and Industries, said that the country is now looking forward to numerous regional developmental initiatives after Wednesday's meet.
China has made offers of friendship to Myanmar and Vietnam despite tensions brewing between the countries over different issues; being involved in a highly unpleasant territorial dispute in the South China Sea over competing claims.
Tagschina, South China Sea, Territorial disputes in the South China Sea, China-Vietnam relations, china-myanmar, Thailand, China bank loans, southeast asia
©2015 Chinatopix All rights reserved. Do not reproduce without permission
EDITOR'S PICKS
-
Did the Trump administration just announce plans for a trade war with ‘hostile’ China and Russia?
-
US Senate passes Taiwan travel bill slammed by China
-
As Yan Sihong’s family grieves, here are other Chinese students who went missing abroad. Some have never been found
-
Beijing blasts Western critics who ‘smear China’ with the term sharp power
-
China Envoy Seeks to Defuse Tensions With U.S. as a Trade War Brews
-
Singapore's Deputy PM Provides Bitcoin Vote of Confidence Amid China's Blanket Bans
-
China warns investors over risks in overseas virtual currency trading
-
Chinese government most trustworthy: survey
-
Kashima Antlers On Course For Back-To-Back Titles
MOST POPULAR
LATEST NEWS
Zhou Yongkang: China's Former Security Chief Sentenced to Life in Prison
China's former Chief of the Ministry of Public Security, Zhou Yongkang, has been given a life sentence after he was found guilty of abusing his office, bribery and deliberately ... Full Article
TRENDING STORY
-
China Pork Prices Expected to Stabilize As The Supplies Recover
-
Elephone P9000 Smartphone is now on Sale on Amazon India
-
There's a Big Chance Cliffhangers Won't Still Be Resolved When Grey's Anatomy Season 13 Returns
-
Supreme Court Ruled on Samsung vs Apple Dispute for Patent Infringement
-
Microsoft Surface Pro 5 Rumors and Release Date: What is the Latest?