GUYANA looks forward to deepening economic ties with the People’s Republic of China to the mutual benefit of both states, so said President David Granger during an address at a reception to welcome the Chinese New Year on Wednesday at the New Thriving Chinese Restaurant.He said the relationship between the two countries dates to pre-independence noting that Guyana is the first English Speaking Country in Caribbean to establish diplomatic ties with China. “Since then, we have never wavered, we have never varied, [and] we have never altered our policy towards the People’s Republic of China.”

Given China’s contribution to the local economy over the years through infrastructure, health, defence, river transportation, energy, culture, education and information technology, the President declared that the two countries are “no longer casual acquaintances” but partners in economic development.

President Granger said the Guyana-China relationship is reaffirmed by the ties of blood, history and friendship. He pointed to China’s economic growth over the period 2010-2014. “China’s economic performance remains a source of inspiration to the people of Guyana. China’s continued progressive trajectory growth. Its real growth and growth of its Gross Domestic Product (GDP) for the period 2010-2014 averaged an impressive 8.85 per cent. This was more than twice that in the growth in the global output and more than two times that of other advanced economies in the world for the corresponding period,” the President whose wife is of Chinese ancestry stated. The phenomenal increase in output has spawned increased trade with the rest of the world and the country’s imports and exports have both increased by 40 per cent over the period 2010-2014. The president described China’s growth as “spectacular” and noted that it is “a modern economic legend.”

In 2013, China invested over USD$180M in Guyana while in Latin America and the Caribbean, China has committed over USD$3B in concessionary financing for eight

countries. China has also pledged $250M for the Community of Latin American and Caribbean States (CELAC). “The Cooperative Republic of Guyana looks forward to deepening its relations with the People’s Republic of China, looks forward to creating lasting economic partnerships, building on solid relations of the past 34 years [and] we anticipate that throughout bilateral engagements and through operational agreements signed between Guyana and China and other regional organisations, that the development, trade, investment and

cooperation can be further intensified,” said President Granger.

He congratulated the Chinese on the celebration of the Chinese Spring Festival and the start of the Year of the Monkey. “The monkey as we know is smart, agile, active, curious…these are all important qualities that are needed particularly by small countries like Guyana as they advance their development in the context of daunting global economic challenges such as declining commodity prices, effects of climate change and reduced assistance from traditional sources.”

Economic agility and adaptability, greater ingenuity, exploring new economic horizons and livelier business activity cemented under economic partnerships with friendly and supportive countries such as China, will allow small economies such like Guyana to become more resilient and circumvent the pitfalls associated with those challenges, the President added.

Resourceful
Meanwhile, China’s Ambassador to Guyana, Zhang Limin in brief remarks said Guyana is a resourceful country and the Chinese Government attaches high importance to the relationship between the two countries. He pointed to the grants China has provided Guyana with over the years while noting that the grants demonstrate China’s commitment towards the economic advancement of Guyana. Ambassador Limin said as China’s economy remains stable, the country looks to deepen its level of cooperation with countries like Guyana and spoke to a five year plan.

Additionally, the Ambassador congratulated Guyana on attaining its 50th year of Independence and said it is “a new turning point” for the country and people and noted that the two countries will “work in unison” so that the relationship with progress. Also present at the reception in honour of the Chinese New Year were First Lady Sandra Granger, Prime Minister Moses Nagamootoo and his wife Sita Nagamootoo and several members of Cabinet.