Indian leaders, in particular, fear that Sri Lanka will fight to the point that the Chinese government, in exchange for the military`s use of assets such as the port of Hambantota, could end debt relief, while the final lease agreement prohibits military activities there without Sri Lanka`s invitation. Sri Lanka | Hambantota port | Belt and Road Initiative During a meeting with foreign correspondents at the Colombo base, Rajapaksa said his government does not hope to change the trade terms of the agreement and is only looking at possible changes to the security of the port. Sri Lanka has officially ceded control of a strategic port on its southern coast to China under a 99-year lease. In this context, it is wrong to claim that China acquired the port of Hambantota because Sri Lanka was unable to repay the debts received for the construction of the port. The “port of deal,” often cited, was in fact a clearly separate lease from the loans granted for the construction of the port, and the lease money was used to strengthen the country`s foreign exchange reserves, not to repay China. There was no cancellation of the debt, although the port was leased to China for 99 years. There has been no change of ownership. However, according to the lease agreement, a significant portion of the operations in the port are carried out by the China Merchant Port Company, so that a large part of the profits, if any, of CM Port is realized. Sri Lanka (then Ceylon) was one of the first countries to recognize the People`s Republic of China (PRC) after formal diplomatic relations began in 1957. But this would not be the first case of relations between the two nations, as demonstrated by the Ceylan-China rubber-rice pact, signed in 1952, as the cornerstone of the first years of diplomatic relations. Since the establishment of formal relations, the two countries have regularly exchanged high-level visits, resulting in a large number of agreements. These led to the construction of the Bandaranaike Memorial International Conference Hall, offered in Sri Lanka in 1973 by China in honour of former Prime Minister SWRD Bandaranaike.