SANYA, March 23, 2016 (Xinhua) -- Chinese Premier Li Keqiang (3rd R) poses for a group photo with Thai Prime Minister Prayuth Chan-ocha (3rd L), Cambodian Prime Minister Hun Sen (2nd R), Lao Prime Minister Thongsing Thammavong (2nd L), Vice President of Myanmar Sai Mauk Kham (1st R), and Vietnamese Deputy Prime Minister Pham Binh Minh (1st L) before the 1st Lancang-Mekong Cooperation Leaders' Meeting in Sanya, south China's Hainan Province, March 23, 2016. (Xinhua/Li Tao)
BEIJING, March 24 (Xinhua) -- A meeting between leaders of the six countries along the Lancang-Mekong River has resulted in a number of cooperative measures that will boost regional prosperity.
At Wednesday's leaders' meeting, the first under the Lancang-Mekong Cooperation (LMC) mechanism, Chinese Premier Li Keqiang announced concessionary loans of 10 billion yuan (1.54 billion U.S. dollars) and credit lines of up to 10 billion U.S. dollars to support infrastructure construction and production capacity cooperation in the Lancang-Mekong region.
Lancang is the Chinese name for the upper reaches of the Mekong River. The trunk stream stretches nearly 5,000 km through the six countries.
Despite suffering water shortages itself, China has been discharging water from the Lancang to alleviate drought in downstream countries this month. This is not only a demonstration of friendship, but a concrete implementation of the LMC mechanism.
LMC was proposed in 2014 and its first foreign ministers' meeting was held in November, with the focus on cooperation in security, development, and social and cultural fields. Communication, production capacity, trade, water resources, agriculture and poverty reduction are five priorities.
The five downstream countries will benefit from China's experience, technology, equipment and funds, in a process that will help narrow development gaps within the the Association of Southeast Asian Nations (ASEAN).
"With strength in industry, cost-effective equipment and products, China has the capacity to help the five Southeast Asian countries move a step forward in industrialization," said Premier Li.
Meanwhile, LMC will help with development of the Belt and Road regional trade and infrastructure network.
It will also facilitate cooperation between multilateral development institutions such as the Asian Development Bank, the Asian Infrastructure Investment Bank and the Silk Road Fund, given huge financing demand for infrastructure construction.
Agreements have already been reached on 78 early-harvest projects under the LMC mechanism, while substantive achievement has been made in previous cooperation programs.
The North-South Economic Corridor began to take shape with the full opening of Kunming-Bangkok Highway in 2013. China, Thailand and Laos are working on multi-billion-yuan railways to connect the region with the vast railway network in China, using Chinese technology and investment.
China has also helped construct a number of industrial parks and zones in Vietnam and Laos, and China and nations along the Mekong have conducted 43 joint law enforcement patrols since 2011.
With its openness and inclusiveness, LMC will complement the existing Greater Mekong Sub-region and ASEAN-Mekong Basin Development Cooperation mechanisms.
With strong development desire and willingness for cooperation from regional countries, LMC will surely boost regional prosperity and benefit people in this region.
BEIJING, March 23 (Xinhua) -- The first leaders' meeting of the Lancang-Mekong Cooperation mechanism (LMC) in Sanya, China, is expected to provide political guidance and a roadmap for subregional cooperation between China and the five Southeast Asian nations of Cambodia, Laos, Myanmar, Thailand and Vietnam.
The LMC mechanism was initiated in 2014 in accordance with the strong will of the six countries along the river for development and prosperity. Full Story
SANYA, Hainan, March 23 (Xinhua) -- China plans to provide loans and credit to support the infrastructure development in countries along the Lancang-Mekong River, Premier Li Keqiang said on Wednesday.
China will offer concessional loans of 10 billion yuan (1.54 billion U.S. dollars) and credit lines of up to 10 billion U.S. dollars to fund infrastructure and improve connectivity in Cambodia, Laos, Myanmar, Thailand, Vietnam and China, according to Li. Full Story