Photo taken on March 23, 2019 shows the storage yard of the Hambantota Port, in southern Sri Lanka. (Xinhua/Tang Lu)

Sri Lanka's Finance Ministry has released a national policy framework which promises to bring a win-win situation for Sri Lanka and China in the development of Hambantota Port, local media reports said here Monday.

The policy framework aims to develop Hambantota Port, in the south of the island country as an industrial port with facilities for local businesses to provide services such as maintenance, repair and channeling of ships. The government will also aim at providing infrastructure for the development of the Free Trade Zone outside the port.

The document titled "National Policy Framework Vistas of Prosperity and Splendour" outlines 10 key policies formulated to achieve "a productive citizenry, a contented family, a disciplined and just society and a prosperous nation."

Photo taken on March 23, 2019 shows the storage yard of the Hambantota Port, in southern Sri Lanka. (Xinhua/Tang Lu)

The document emphasises state-ownership of strategic assets and natural resources. Measures would be taken to rationalize state-owned enterprises and make them more profitable, while providing them with legal protection from privatization.

The document suggests addressing the country's trade deficit through import substitution while restricting export of natural resources in raw form in order to promote local value addition.

On the macroeconomic front, the government would target a GDP growth rate of 6.5 percent, unemployment rate below 4 percent, inflation rate below 5 percent and a budget deficit below 4 percent of GDP.

The policy framework strongly echoes the election manifesto of President Gotabaya Rajapaksa who was elected in November.