Haabazoka's remarks come following speculation in 2018 that Zambia would have to surrender its power utility, Zesco, to China over defaults on debt.
In SA, meanwhile, a loan the China Development Bank granted Eskom during the BRICS summit in Johannesburg last year sparked similar controversy. The terms of the loan are subject to confidentiality clauses, which drew calls for the details to be made public.
Haabazoka said the loan, which Zesco took to finance a hydro-power project, was not a bad decision, as the debt with Chinese investors could be re-negotiated.
Western creditors seldom offer this, he added.
"We get funding from both the east and the west. The conditions we expect from both are the same. Of course, China loans money at a lower interest rate. But it is not true that the Chinese are taking Zambian property. Zambia continues to borrow from China sustainably," Haabazoka said.
He said South Africa and its entities should feel free to take advantage of financing opportunities from China, as long as such opportunities are in the interests of South Africans.