The Bank of China (BOC) has opened a representative office in Papua New Guinea (PNG), its first branch in the South Pacific island nation, amid intensifying competition between the United States and China.
The launching ceremony was attended by BOC chairman Ge Haijiao and PNG leader James Marape on June 1. The new office is located in the PNG capital Port Moresby, according to the Chinese state-owned bank.
BOC’s chairman said the new office signifies “a concrete practice” in implementing Chinese leader Xi Jinping’s plan to build “a higher-level and more mutually beneficial comprehensive strategic partnership” with PNG.
He affirmed the bank’s commitment to strengthen the construction of a collaborative service network in the South Pacific region, deepen China-PNG economic cooperation, and co-construct the Belt and Road Initiative….