Recently, the China Center for International Economic Exchanges held its 28th Monthly Economic Talk. At the event, Xie Yajing, the Chinese Commercial Counselor for Western Asian and African Affairs, summarized the achievements in China-Africa economic cooperation in the following areas:
1) The trade between China and Africa showed an annual growth of 30 percent. In 2011, it reached US$126.9 billion, which is ten times the amount it was in 2000. In the first half of 2011, total trade reached US$79 billion. The figure for the full year is expected to reach a new record high. China is Africa’s largest economic partner. Meanwhile, Africa’s trade with China accounts for 10 percent of its total foreign trade.
2) By the end of 2010, China’s direct investment in Africa surpassed US$10 billion. In 2010 alone, China’s non-financial investment was US$1 billion, 5 times the size it was in the year 2000. There are 2,000 Chinese companies investing in Africa covering areas such as agriculture, telecommunications, energy, manufacturing, and food services.
3) Over the past 50 years, China has constantly provided aid to Africa. The total of over 800 projects includes railway construction – 2,000 kilometers; road construction – 3,000 kilometers, training – 3,000 people; and medical aid – 17,000 visits to medical personnel.
4) Cooperation in building infrastructure is the key trading component between China and Africa. China has provided non-interest bearing loans, loans on favorable terms, commercial loans, and so on. Chinese companies have invested in projects in Africa from electricity, telecommunications, and transportation, to energy. Its total investment in Infrastructure accounts for 2/3 of the total infrastructure spending in Africa.
Source: China Internet Information Center, October 21, 2011