China-Africa Future Is Bright
Tag: China-Africa, China-Africa Future
Summary: There are a lot of encouraging scenes unfolding as China fulfills its commitments on economic cooperation and trade announced at the fourth ministerial conference of the forum on China-Africa cooper…
There are a lot of encouraging scenes unfolding as China fulfills its commitments on economic cooperation and trade announced at the fourth ministerial conference of the forum on China-Africa cooperation in 2009.
At the meeting, which was held amid the rampaging financial crisis, China announced eight new measures to advance its practical cooperation with Africa, including development assistance, credit and financing, training and trade promotion.
Steered by Forum on China-Africa Cooperation (FOCAC) and stimulated by these promotion measures, the two sides have withstood the test of the financial crisis.
As a result, the trade and economic cooperation has witnessed faster growth across wider areas in more diversified forms.
The trade volume between China and Africa hit $166.3b in 2011, growing by 83% from 2009. China is the largest trading partner of Africa.
China's direct investment in Africa reached $14.7b by the end of 2011, up 60% from 2009. More than 2,000 Chinese companies have invested in Africa.
They have helped diversify the African economy, contributed to local tax revenue and job creation and also found a promising land for their overseas expansion.
Africa has become China's second largest overseas market. In 2011, the business turnover of Chinese contractors in Africa grew by 28% in 2009 to $36.1b, accounting for 30% of China's total turnover in overseas markets.
China increased its aid to Africa by more than 60% from 2009 to 2011. China built a large number of welfare projects, including schools, water supply and clean energy projects, and trained more than 20,000 personnel in various fields for Africa over the three year period.
These programmes focus on enhancing the welfare of the local people. In the second decade of the 21st century, trade and economic cooperation between China and Africa finds itself standing at a new starting point but as China and Africa both need to restructure economies and transform growth patterns, there is a pressing need and great potential for the two sides to collaborate on industrial relocation.
Africa's economic integration initiative creates even more opportunities for cooperation with China. The July 19-20 fifth ministerial conference of the FOCAC ushered in a new era of China-Africa trade and economic cooperation.