China-Sri Lanka Current Affairs

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Sri Lanka and China sign tripartite agreement to construct Financial City Centre in Colombo

Sri Lanka and China have signed a tripartite agreement to proceed with the construction of a Financial City Centre in Colombo.

The agreement was signed between Sri Lanka’s Urban Development Authority, Ministry of Megapolis and Western Development and China Harbour Engineering Company.

Key Facts

  • The Colombo International Financial City project aims to transform Sri Lanka into an international financial hub in the Indian Ocean region (IOR).
  • It will be the centre of the maritime city which be one of the key phenomenon that will decide the future development of Sri Lanka.
  • The project will include central parks and beaches for the public and is expected to create thousands of jobs in the island country.
  • The $1.4 billion Port City project initially started construction in September 2014. But it was suspended in March 2015 due to environmental concerns.


Sri Lanka announces resumption of Chinese Colombo Port City project

Sri Lankan Government has formally announced the resumption of work on the stalled Chinese Colombo Port City project.

The announcement was made in the Joint Statement by China and Sri Lanka at the conclusion of the official state visit of Prime Minister Ranil Wickremesinghe to Beijing.

Key highlights of the Joint Statement

  • Both sides will use the Chinese initiative to develop a 21st Century Maritime Silk Road to advance infrastructure development in Sri Lanka.
  • China has pledged fresh support to the Sri Lanka in infrastructure development.
  • Both sides will also advance development the China-Sri Lanka Free Trade Agreement (FTA) negotiations, promote joint ventures and expand cooperation in the areas of economy, culture, science and technology.


  • Sri Lankan Government’s announcement comes at a time when the island country is facing a debt crisis with looming repayments of Chinese infrastructure loans.
  • China is stressing on cooperating with Sri Lanka in further developing the infrastructure. While the Sri Lanka has committed to revive the Chinese Port City Project in order to work out solutions to ward off immediate Chinese loan repayment concerns.


Sri Lanka, China begin joint military training exercise ‘Silk Route- 2015’

Joint military training exercise code named ‘Silk Route- 2015′ between China and Sri Lanka has begun at Buttala in Central Sri Lanka.

It is three-week long joint military training exercise will be conducted in three phases. Phase 1 will be held June 22-28, 2015; Phase 2 will be held from June 28-July 5, 2015 and Phase 3 will be held from July 5 – July 13, 2015.

In the first phase of the 2nd joint exercise involves Sri Lankan Army and People’s Liberation Army (PLA) of China have participated.

This training will focus on weapon handling, live firing, VIP protection study and other warfare and battle skills related fields.

It will also cover other exercises such as backup vehicle movement and training, ambush drills, special mission planning, combat tracking techniques, jungle warfare and basic battle skills, aircraft and building option training, vehicle ambush drills etc.

The first stage of the ‘Silk Route – 2015′ exercise was conducted in China earlier between March 29 and April 17, 2015 following successful negotiations between armies of both nations.