“We Hope to Support Mauritius as an Offshore RMB Financial Hub”

Dr Huang Shifang, Ambassador of the People’s Republic of China to Mauritius

• “We welcome Mauritius’ participation in BRI to open new chapters for bilateral collaboration”

Mauritius could become an offshore renminbi clearing and financial hub for Africa under plans outlined by newly appointed Chinese Ambassador Dr Huang Shifang. Speaking at her first press reception in Port Louis, Dr Huang pledged deeper strategic ties spanning trade, infrastructure, and multilateral governance, and encouraged stronger collaboration through the Belt and Road Initiative and the Forum on China-Africa Cooperation.

The newly appointed ambassador of the People’s Republic of China to Mauritius, Dr Huang Shifang, has signalled Beijing’s determination to reinforce its strategic partnership with the island, outlining expanded trade, financial, and development cooperation at her first press reception on Thursday. Addressing journalists, the ambassador praised local media for their longstanding engagement with the Chinese embassy and pledged to maintain close collaboration.

Dr Huang Shifang underlined the launch of the Bank of China as an official renminbi clearing bank in Mauritius on June 12 — the third such facility in Africa — as a crucial step to consolidate Mauritius’s ambition to act as a financial hub for the continent. During the question-and-answer session, Dr Huang was asked to elaborate on the RMB clearing platform in Mauritius. She responded as follows:

“As we know, RMB ranks the third most used global payment currency and the second most used trade finance currency. Bank of China, as RMB Clearing bank in Mauritius, is the third official RMB Clearing Bank in Africa following South Africa and Zambia. If you facilitate direct settlement of trade transactions in RMB, it helps lower transaction costs, improve efficiency and reduce foreign exchange risks for businesses operating between China and Mauritius. Moreover, as Mauritius continues to position itself as a financial hub for Africa, this RMB clearance platform enhances the country’s role in facilitating China-Africa trade and investment. It opens up new channels for Chinese enterprises seeking opportunities in Africa, via Mauritius, and we hope to support Mauritius in developing into an offshore RMB financial hub serving the African region. In the long run, I believe this development will deepen bilateral trade, encourage more Chinese investment in Mauritius, and strengthen our financial integration.”

Dr Huang Shifang also devoted significant remarks to the Belt and Road Initiative. “The Belt and Road Initiative (BRI) is another vivid example of the ongoing, high-quality China-Africa cooperation. By putting forward BRI and other initiatives such as the Global Development Initiative, Global Security Initiative, and Global Civilization Initiative, China aims to provide a stable and prosperous development path to build a mutually beneficial economy for a better future for mankind. The BRI is an important platform for common development with a commitment to extensive consultation, joint contribution, and shared benefits. It is, in fact, an initiative that helps countries around the world to develop together. It’s open, inclusive, and not targeted at any individual countries or groups of countries. By now, over 150 countries and 30 international organizations have signed a document on jointly building the BRI. We warmly welcome Mauritius’ participation in the BRI in order to open new chapters for bilateral collaboration.”

The ambassador’s remarks placed particular emphasis on advancing cooperation under the Forum on China-Africa Cooperation (FOCAC), which last year elevated China-Mauritius relations to a strategic partnership. Recent initiatives include a MUR 13 billion currency swap agreement, protocols under negotiation to expand Mauritian pineapple and litchi exports to China, and social development projects involving electric buses, energy storage, and hospital infrastructure.

“RMB opens up new channels for Chinese enterprises seeking opportunities in Africa, via Mauritius”

The ambassador highlighted further areas of cooperation under FOCAC, including green energy, e-commerce, e-payment, science and technology, and artificial intelligence. She said that Beijing intended to expand zero-tariff treatment to 53 African countries through a proposed China-Africa Economic Partnership for Shared Development, describing it as broader and more flexible than the existing Mauritius-China free trade agreement. “I believe that with so many positive and recent outcomes of FOCAC, and with the efforts made by our two governments and peoples, the China-Mauritius cooperation will continue to reach new heights,” she added.

Global Peace, the One China Principle, and Chagos

The ambassador called on China and Mauritius, as members of the Global South and peace-loving nations, to safeguard international norms and promote peace, stability, and prosperity. She reiterated China’s support for Mauritius’s position on the Chagos Archipelago and welcomed the country’s adherence to the One China principle. “We highly appreciate Mauritius’s adherence to the One China principle and stand ready to work together with Mauritius to oppose ‘Taiwan independence’ separatist activities and external interference,” she stated.

Global Trade, US Tariffs, and Multilateralism

On global trade tensions, the ambassador pushed back strongly against what she described as protectionist measures from the United States. She offered a detailed, verbatim statement on China’s position: “In the face of hegemony and bullying, remember this: give the bully an inch, he will take a mile. Both sides should resolve trade disputes through equal dialogue and mutually beneficial cooperation. Under the guidance of this principle, China and the US held two economic and trade meetings in May and June, respectively in Geneva and London. The two sides should, in accordance with the important consensus and requirements reached by the two heads of states during their phone call, make better use of the China-US Economic and Trade Consultation Mechanism and work to enhance consensus, reduce misunderstanding, and strengthen cooperation. We call on the international community to uphold true multilateralism, jointly oppose all forms of unilateralism and protectionism, defend the WTO-centered multilateral trading system, and make economic globalization more open, inclusive, mutually beneficial, and balanced.”

She further described China’s economy as resilient, with 2024 GDP reaching approximately $18.4 trillion and growing by 5 per cent year-on-year, contributing about 30 per cent of global growth. The ambassador rejected accusations of Chinese industrial overcapacity, describing them as a “pretext” for protectionism motivated by fears of foreign competition. “The problem is not overcapacity, but over anxiety,” she argued.

Global governance and dialogue

Dr Huang Shifang also described China’s contribution to international governance, referencing the establishment of the International Organization for Mediation (IOMed), the world’s first intergovernmental legal body dedicated to resolving disputes through mediation, and encouraged Mauritius to join.

She also highlighted the adoption by the UN General Assembly of China’s resolution establishing June 10 as the International Day for Dialogue among Civilizations, aimed at promoting mutual respect and cultural understanding.