WITH China deemed the fastest-growing economy in the world, Namibia is in the process of strengthening ties in the areas of economic policy management, particularly in central banking matters.
The Governor of the Bank of Namibia (BoN), Tom Alweendo, told journalists on Monday that the central bank and the People’s Bank of China (PBC) have not yet identified and signed any agreement, but the relationship between the two parties is deemed necessary in view of the world that is increasingly becoming globalised. Alweendo and a delegation from his bank visited the PBC on issues of bilateral co-operation in May this year.China’s continued growth is critical to the overall health of the world economy, and to the welfare of her population of more than 1,3 billion.Through an interpreter, the visiting Deputy Governor of PBC, Su Ning, noted that his government has been reforming its economy from a Soviet-style centrally planned economy to a more market-oriented economy, but still within the political framework provided by the Communist Party of China.The system has been called socialism with Chinese characteristics, and is one type of a mixed economy.”We would like to promote co-operation between Namibia and China through consultations by the two (central) banks,” Ning noted.He explained that the current inflation rate in his country is very low, with 1,3 per cent reported in the year 2005 compared to 1,2 per cent from January to August 2006.Ning said his government also implemented effective measures to control the overheating of the economy.With the continuous improvement of the investment climate, China became one of the most attractive investment destinations.However, this is a matter of great concern, according to Ning, who could only describe it as one of the challenges faced by his country.He expressed the hope that his country will maintain the growth of investment that slowed down a bit over the past two months.Ning was accompanied by the Director-General of the Technology Department of PBC, President of PBC Shandong Branch, Deputy Director-General of the International Department of PBC and the Chief Representative of the Representative Office of PBC for Africa.The delegation arrived in the country on Saturday, and left yesterday.NampaAlweendo and a delegation from his bank visited the PBC on issues of bilateral co-operation in May this year.China’s continued growth is critical to the overall health of the world economy, and to the welfare of her population of more than 1,3 billion.Through an interpreter, the visiting Deputy Governor of PBC, Su Ning, noted that his government has been reforming its economy from a Soviet-style centrally planned economy to a more market-oriented economy, but still within the political framework provided by the Communist Party of China.The system has been called socialism with Chinese characteristics, and is one type of a mixed economy.”We would like to promote co-operation between Namibia and China through consultations by the two (central) banks,” Ning noted.He explained that the current inflation rate in his country is very low, with 1,3 per cent reported in the year 2005 compared to 1,2 per cent from January to August 2006.Ning said his government also implemented effective measures to control the overheating of the economy.With the continuous improvement of the investment climate, China became one of the most attractive investment destinations.However, this is a matter of great concern, according to Ning, who could only describe it as one of the challenges faced by his country.He expressed the hope that his country will maintain the growth of investment that slowed down a bit over the past two months.Ning was accompanied by the Director-General of the Technology Department of PBC, President of PBC Shandong Branch, Deputy Director-General of the International Department of PBC and the Chief Representative of the Representative Office of PBC for Africa.The delegation arrived in the country on Saturday, and left yesterday.Nampa
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