Chinese-built finance district in Colombo port city: Lanka PM

China will build a business and finance district within the planned Colombo port city on a strip of reclaimed sea land, Sri Lankan Prime Minister Ranil Wickremesinghe said here today.

Colombo: China will build a business and finance district within the planned Colombo port city on a strip of reclaimed sea land, Sri Lankan Prime Minister Ranil Wickremesinghe said here on Sunday.

He was addressing reporters on his last week's visit to China. The project which came to be suspended is to recommence.

Wickremesinghe said an FTA with China will be completed before the end of this year.

"The Chinese PM will come here next year so we will finish it before the end of this year," he said.

About high interest rates of Chinese loans blamed on the previous Rajapaksa administration, he said "I think we can sort this out amicably".

Wickremesinghe said China was also quite interested in going ahead with economic partnership with Sri Lanka.

"What we are going to do is shift the emphasis from loans to investment. What we have is a complete, high budget deficit. Our balance of payments is having problems," Wickremesinghe said adding some of the projects planned in the Hambantota sea port built with Chinese loans may be taken for debt swap.

"Chinese companies said they were willing to take over some of them. But we have to look at both Chinese and local laws how to do this," he said.