China-Africa trade, economic cooperation create "win-win" situation for both sides
Source: xinhua Date: 2009-11-10
Since the year 2000, China-Africa trade have been enjoying an annual growth rate of 33.5 percent, reaching 106.8 billion U.S. dollars in 2008. The target set at the 2006 Beijing Summit of China-Africa Cooperation Forum to push trade volume to 100 billion dollars by 2010 was met two years ahead of schedule.
As trade grew so rapidly, China has also issued several favorable trade policies toward imports from Africa. China has offered zero-tariff to exports from certain least-developed African countries, and organized exhibitions of African products in China so as to boost imports.
To help African countries ease the impact of global financial crisis, China's favorable tariff policy toward African imports have covered 500 product categories. A total of 890 million dollars worth of goods have been imported under this favorable policy.
For China, 53 African countries with a total population over 800 million, also have huge market potential. China's exports of manufactured goods, such as textiles and electric devices, have been enjoying steady growth.
The African continent, rich in resources and with a huge market potential, has also offered great opportunities from Chinese companies in their expansion efforts.
Africa has turned out to be a hot destination of Chinese investment. By the end of 2009, China had over 7.8 billion dollars direct investment in African countries. Against the backdrop of the sweeping global financial crisis, China's has made some 875 million dollars investment in Africa during the first nine months of this year, a 77.5 percent increase year on year. Much of the investment was focused or infrastructure projects and other programs that benefit the local people.
Apart from the investments, China has also provided assistance to the best of its ability to African countries through nearly 900projects covering areas such as farming, animal husbandry, fishery, light and textile industries, transportation, radio communication, water conservation, electricity supply, machinery, as well as public and civil construction.
Three years after the Beijing Summit of China-Africa Cooperation Forum, China's trade and economic ties with Africa have been significantly strengthened.
On Nov. 8-9, the two sides will hold their fourth ministerial meeting for the China-Africa Cooperation Forum. During the meeting, ministers from China and African countries will have a review of the achievements made during the past three years, and look forward to new ways to further expand cooperation channels.
