Branches of Chinese banks in Tajikistan. Is Beijing up to something?

Representatives of the banking sector of Tajikistan and China discussed the issue of opening branches of the largest Chinese banks in Dushanbe.

According to the National Bank of Tajikistan, a high-level meeting of the leaders of the banking sectors of the two countries took place in Dushanbe. During the meeting, the parties discussed the possibility of opening branches of the largest Chinese banks in Tajikistan. Issues related to the macroeconomic situation in the country were also considered.

An official statement from the National Bank reports that the Tajik side was represented by the Chairman of the National Bank of Tajikistan, Firdavs Tolibzoda, while the Chinese delegation was headed by Gu Shu, Chairman of the Agricultural Bank of China. This bank is one of the largest in the world.

The statement notes that Firdavs Tolibzoda informed the Chinese delegation about the macroeconomic indicators of Tajikistan and emphasized that the country has managed to maintain high economic growth rates and a moderate level of inflation.

For his part, the Chairman of the Agricultural Bank of China, Gu Shu, “gave a high assessment” of Tajikistan’s economic prospects and expressed Beijing’s readiness to share experience and train Tajik specialists.

The head of the National Bank, Firdavs Tolibzoda, noted the significant contribution of the Agricultural Bank of China to strengthening financial ties between Tajikistan and China and stated that the opening of branches of Chinese banks in Tajikistan could serve as an additional stimulus for further development of bilateral relations.

According to the Tajik regulator, among the priority areas of cooperation, the parties identified the development of a green economy, digitization of industries, strengthening cybersecurity, and improving compliance mechanisms.

The announcement of the opening of branches of the largest Chinese banks in Tajikistan comes against the backdrop of China being considered the main investor and contractor of the largest infrastructure projects in Tajikistan in recent years.

Experts in the field of economics believe that the emergence of Chinese banks in the domestic market of Tajikistan, while opening new directions and horizons for local entrepreneurs and the national economy, nevertheless increases Tajikistan’s economic dependence on China.