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President touts opportunity for cooperation

(China Daily)

08:39, May 14, 2013

President Xi Jinping meets Mozambique's President Armando Guebuza at the Great Hall of the People on Monday. PHOTO BY XU JINGXING / CHINA DAILY

China and Mozambique vowed to deepen economic cooperation, top leaders of both countries said on Monday.

President Xi Jinping said in a meeting with visiting Mozambican President Armando Guebuza that there is "an important opportunity" for tangible cooperation between the two nations.

Mozambique ranked among the least developed economies in the world at the end of its 1992 civil war, and continues to be so today despite a strong macroeconomic performance.

However, David Lipton, the deputy managing director of the IMF, on May 6 praised Mozambique's economic achievements in a year when the country was hit by devastating floods.

He said Mozambique was "undeniably one of Africa's best performers, and one of the fastest-growing economies in the world". The nation's growth reached 7.4 percent in 2012 and is likely to remain at 7 percent this year, he said.

Lipton said most countries in sub-Saharan Africa had been remarkably resilient in the face of the economic crisis. Growth in the region will be 5.4 percent this year and 5.7 percent next year. In contrast, global economic growth is predicted to be 3.3 percent this year and about 4 percent in 2014.

Xi told Guebuza in their meeting that Beijing and Maputo should beef up planning their cooperation and do a good job on key projects in areas including infrastructure construction, energy and agriculture.

Guebuza said his nation wants to learn from China's experience in development and welcomes Chinese enterprises seeking varied forms of joint development cooperation in Mozambique.

Bilateral trade volume reached $1.34 billion in 2012, up 40 percent from last year.

Zhang Hongming, a researcher of African studies at the Chinese Academy of Social Sciences, said the major driving force of Sino-African economic cooperation has been shifting from trade to investment in recent years.

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