Cooperation between China and Africa in the area of finance is promising, Zhou Xiaochuan, governor of China's central bank, said yesterday.

Zhou made the remark on the sidelines of the 2007 Annual Meetings of the Board of Governors of the African Development Bank (ADB) Group held here from May 16 to 17.

"The Chinese government sincerely hopes to further cooperation with Africa," he said.

"There are also measures on financial cooperation," Zhou said.

The measures involve preferential loans, the establishment of a development fund and the eradication of debts owed by African countries to China.

The People's Bank of China, the central bank, has established a coordination mechanism with major ministries and banking institutions in Africa.

China will encourage more domestic financial institutions and companies to do business in Africa, said the governor.

Zhou also emphasized the sustained growth of the African economy, calling for more cooperation in education, science, culture and between small and medium-sized enterprises.

The annual meetings, held in Asia for the first time, are seen as another significant Africa-related event in China, following the Beijing Summit of the China-Africa Cooperation Forum held in November 2006.

During the summit, China announced a package of measures on assistance, investment and trade, aiming for better relations between China and Africa.