China, Zimbabwe sign MOU on recognizing China as a full market economy

China and Zimbabwe have signed a memorandum of understanding on recognizing the People's Republic of China as a full market economy, a diplomat said on Thursday.

Yuan Nansheng, the Chinese Ambassador to Zimbabwe, said the MOU was signed here on April 21, when a high-ranking Chinese delegation headed by Jia Qinglin, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), was paying a four-day visit in Zimbabwe.

The Chinese and Zimbabwean governments acknowledge the strong relationship the two countries have enjoyed for the past 20 years, desire to strengthen their trade relations through further economic cooperation and note their commitment to a fair and multilateral trading system, the MOU reads.

In view of the economic reforms undertaken by China, the Zimbabwean government recognizes the People's Republic of China as a full market economy within the framework of trade remedy proceedings, the MOU says.

According to the MOU, both parties agree to attach great importance to the development of bilateral trade relationship between the two countries and to nurture fair trading atmosphere for the enterprises through their joint efforts.

And both parties also agree to push forward the fast and sound development of bilateral economic and trade relationship between the two countries, the MOU added.

Source: Xinhua