Chinese-African trade cooperation leaps to new high
Updated: 2007-11-07 15:51
The trade cooperation between China and Africa has risen to a new high over the past one year after the Beijing Summit of the Forum on China-Africa Cooperation was held. China and Africa are cooperation partners of mutual benefits and complementary advantages.
Trade volume between Africa and China has increased to US$32 billion in the first six months of this year, an increase of 25 percent over the same period last year, enabling China to become Africa's third largest trading partner.
The trade between the two sides stood at just US$12 million in the 1950s when China began to establish diplomatic ties with African brothers. The volume, however, has seen a fast growth since the establishment of the Forum on China-Africa Cooperation and topped US$10 billion for the first time in 2000. The figure rocketed to US$55.5 billion last year after a rapid growth for six years in a row.
The sound development has played a pivotal role in promoting economic progress and improving people's living conditions in both Africa and China. Goods from China with high quality and low prices satisfy basic needs of Africans and received their welcome.
Africa has also become one of the investment destinations preferred by Chinese enterprises. The continent gathered direct investment of US$6.64 billion from China by the end of 2006. In the first half of this year, the amount has reached US$480 million, an remarkable increase from that of the same period last year.
The projects with Chinese investment have covered many areas like trade, processing, resources exploration, transport and agriculture in 49 African countries. Investment from China was also welcome in Africa as it spurs the economic development of African nations, creates jobs, brings technologies fit for the continent and builds up the capacity of African countries in national construction.
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