Chinese premier announces financing support for 16+1 cooperation

Chinese Premier Li Keqiang on Monday announced from Budapest financial support for cooperation between China and 16 Central and Eastern European countries (CEEC), also known as the 16+1 cooperation.

Premier Li announced the establishment of China-CEEC Inter-Bank Association and the second phase of China-Central and Eastern Europe Investment Cooperation Fund in a keynote speech at the seventh China-CEEC Economic and Trade Forum held in the Hungarian capital.

China Development Bank will provide an equivalent amount of two billion euros (2.4 billion US dollars) as development-oriented financial cooperation loans for the inter-bank association, Li said.

People visit the Central and Eastern Europe Countries (CEEC) Products Fair in Ningbo, east China's Zhejiang Province, June 9, 2015. 

Meanwhile, the Chinese premier said the second phase of the investment cooperation fund that totaled 1 billion US dollars will be mainly invested in Central and Eastern Europe.

The two sides need to further expand financing channels, Li said. 

China supports commercial and development financial institutions to provide finance for bilateral cooperation projects, supports companies from Central and Eastern European countries to issue Panda Bonds in China, and also supports the two sides to conduct renminbi-denominated financing business for their cooperation projects, Li added.

Li arrived in Budapest on Sunday for an official visit to Hungary and for the sixth meeting of heads of government of China and 16 Central and Eastern European countries.

During his stay in Hungary, Li will hold bilateral meetings with CEEC leaders and work with them to outline future cooperation. He will also witness the signing of a series of cooperation documents and celebrate the fifth anniversary of the establishment of the 16+1 cooperation. 

Trade tops agenda as Premier Li meets Polish, Latvian leaders

‍Chinese Premier Li Keqiang met Poland's Prime Minister Beata Szydlo and Latvia's Prime Minister Maris Kucinskis separately on the sidelines of the CEEC leaders' meeting in Budapest on Monday.

During his meeting with Szydlo, Li said China hopes to deepen cooperation with Poland in transportation, logistics and infrastructure.

Chinese Premier Li Keqiang (R) meets with Poland's Prime Minister Beata Szydlo in Budapest, Hungary, Nov 27, 2017.

China will open up even wider and create better conditions for the two countries to cooperate, he said.

Poland has been elected a non-permanent member of the UN Security Council starting from 2018.

Szydlo said Poland attaches great importance to relations with China, and she hopes to give full play to the intergovernmental cooperation committee.

In his meeting with Kucinskis, the Chinese premier promised to further align the Belt and Road Initiative with Latvia's development strategy, and help Latvia build up its infrastructure, including its ports.

Chinese Premier Li Keqiang (R) meets with Latvian Prime Minister Maris Kucinskis in Budapest, Hungary, Nov 27, 2017.

Li said China intends to revitalize the maritime passage and boost cooperation between China and the Baltic States, as well as northern European countries.

Kucinskis hailed economic cooperation and cultural exchanges between the two countries. He also said Latvia  is willing to work with China to conduct third-party cooperation and promote their cooperation in such areas as education and scientific research.