China Africa Economic and Trade Cooperation Achieves Abundant Results

  Data shows that in the past 10 years, China has always maintained its position as Africa's largest trading partner. In 2022, the trade volume between China and Africa reached 282 billion US dollars, a year-on-year increase of 11.1%. Calculated in RMB, China's imports and exports to Africa increased by 16.4% year-on-year in the first five months of this year.

  The scale of trade has repeatedly reached new highs. From 2000 to the present 23 years, China has accumulated $1.42 trillion in imports from Africa and $1.58 trillion in exports to Africa. China Africa trade is mutually beneficial and highly complementary, providing strong support for the economic and social development of both countries and benefiting the people of both sides, "said Jiang Wei, Director of the West Asia and Africa Department of the Ministry of Commerce.

From engineering construction, equipment manufacturing to wholesale and retail, agriculture, finance, e-commerce and other industries, the driving role of Chinese enterprises in non economic and trade cooperation zones continues to strengthen, and the industrial agglomeration effect continues to emerge. As of the end of 2022, China's direct investment stock in Africa exceeded 47 billion US dollars, making it the fourth largest source of investment in Africa. Currently, there are over 3000 Chinese enterprises investing in Africa.
In Algeria, photovoltaic power plant projects deliver a continuous stream of green and clean energy to the Sahara Desert; In Ghana, rural communication and digital network coverage projects provide high-speed and stable information and communication services to local people, benefiting over 3 million people in rural areas of Ghana; In Benin, it helped build four Sino Malaysian friendship schools and Loksa public lighting facilities projects... "In recent years, General-purpose technology Group has deeply participated in the construction of the 'the Belt and Road' and international production capacity cooperation, and has built a number of infrastructure and social livelihood projects in Africa." The relevant person in charge of General-purpose technology Group introduced that, in the field of health, General-purpose technology Group also through medical assistance, co construction of facilities, remote services and other models, Continuously promote the deepening and implementation of China Africa public health cooperation.

The Ministry of Commerce stated that this year is a crucial year for promoting the implementation and effectiveness of the "Nine Projects". China will actively operate multiple bilateral economic and trade cooperation mechanisms to further enhance the level of trade and investment cooperation liberalization and facilitation. Continue to encourage Chinese enterprises to rely on economic and trade cooperation zones established and operated in Africa to strengthen cooperation in the industrial chain, supply chain, and value chain between China and Africa. At the same time, various exhibition platforms will also be established, policy communication will be strengthened, personnel exchange will be promoted, cooperation needs will be matched, and the potential for cooperation between both parties will be further explored and stimulated.


Source: People's Daily 27th Jun 2023

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