As Zimbabwe attempts to lift itself out of a punishing debt crisis, it is asking for “deep haircuts” from its creditors, including China, according to its finance minister, Professor Mthuli Ncube.

But analysts say China is “not in the business of haircuts” and is unlikely to accept any reduction of the debt it is owed.

Ncube is seeking help from creditors to address the US$19.2 billion that the country owes, of which US$13 billion is external debt and US$6.2 billion is domestic. Most of the…