China, Africa trade hits $220 billion

China, Africa trade hits $220 billion

Sunday, October 11, 2015 11:03 pm

Chinese State Councilor Yang Jiechi with President Zuma

Chinese State Councilor Yang Jiechi with President Zuma

Booming trade and investment between China and Africa have epitomized the dynamic bilateral cooperation since the inception of the Forum on China-Africa Cooperation (FOCAC) 15 years ago.

According to the statistics in 2014, trade between China and Africa exceeded 220 billion U.S. dollars and China’s investment stock in Africa surpassed 30 billion dollars, an increase of 22 and 60 times respectively over the figures in 2000 when FOCAC was just established. Moreover, the share of China-Africa trade in Africa’s total foreign trade has increased from 3.82 percent to 20.5 percent.

Chinese State Councilor Yang Jiechi said China and Africa are joining hands for a bright future in an interview with local media Independent News and Media South Africa on Friday in Johannesburg.

He said that China and Africa have had fruitful cooperation across the board since the FOCAC was born in 2000. Political mutual trust has grown significantly.

The two sides understand and support each other on matters involving each other’s core interests and major concerns, thus upholding the common interests of China, Africa and the developing world, Yang said.

Yang Jiechi said FOCAC has proven to be an important platform for collective dialogue between China and African countries and an effective mechanism for enhanced practical cooperation.

He said African countries have the common desire to accelerate industrialization and agricultural modernization in a bid to realize economic independence and self-reliant, sustainable development.

*Reported by Xinhua


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