Xinhua, Beijing :
The Belt and Road Initiative is promoting transformation and upgrading of the trade between China and Africa and bringing more benefits to the people of both sides.
China has been Africa’s largest trading partner for nine years in a row. In 2017, China’s trade with Africa surged 14 percent year on year to 170 billion U.S. dollars. The fast growth continued into the first half of 2018 when the trade volume jumped 16 percent to nearly 100 billion U.S. dollars.
After the establishment of the China-Africa Cooperation Forum in 2000, China-Africa economic and trade cooperation has entered a period of rapid development.
Trade volume has grown rapidly from 10 billion U.S. dollars in 2000 to 170 billion U.S. dollars in 2017. With China becoming the largest trading partner of Africa for the first time in 2009, China-Africa trade has also entered a stage of structural adjustment.
It is worth noting that with the implementation of the Belt and Road Initiative, the building materials and electromechanical products with high added value have gradually become the main goods exported by China to Africa. Earlier, China mainly exported light industry, food, chemical products, and livestock products to Africa.
At the same time, with a series of measures such as tariff reduction and exemption adopted by China, in recent years, Africa’s exports to China have grown rapidly. The main African export commodities include agricultural and forestry raw materials, oil and related products, and mineral raw materials.
Due to the differences in industrial structure and natural resources between China and Africa, the economic and trade cooperation between the two sides is highly complementary. The focus of trade cooperation is mainly on infrastructure and capacity cooperation, according to Yang Baorong, deputy director of the Institute of West-Asian and African Studies (IWAAS) of Chinese Academy of Social Sciences (CASS).
Thanks to the Belt and Road Initiative and the international capacity cooperation, many infrastructure projects in Africa have been launched, leading to the rising demands for the building materials.
China and Africa have mutual needs, mutual advantages and opportunities with each other. China-Africa cooperation has achieved transformation and upgrading. From the original government-based assistance to the current enterprise and market-based mutual benefit cooperation, the bilateral cooperation relationship has been upgraded to a new starting point, said Lin Songtian, Chinese ambassador to South Africa.
The Belt and Road Initiative is promoting transformation and upgrading of the trade between China and Africa and bringing more benefits to the people of both sides.
China has been Africa’s largest trading partner for nine years in a row. In 2017, China’s trade with Africa surged 14 percent year on year to 170 billion U.S. dollars. The fast growth continued into the first half of 2018 when the trade volume jumped 16 percent to nearly 100 billion U.S. dollars.
After the establishment of the China-Africa Cooperation Forum in 2000, China-Africa economic and trade cooperation has entered a period of rapid development.
Trade volume has grown rapidly from 10 billion U.S. dollars in 2000 to 170 billion U.S. dollars in 2017. With China becoming the largest trading partner of Africa for the first time in 2009, China-Africa trade has also entered a stage of structural adjustment.
It is worth noting that with the implementation of the Belt and Road Initiative, the building materials and electromechanical products with high added value have gradually become the main goods exported by China to Africa. Earlier, China mainly exported light industry, food, chemical products, and livestock products to Africa.
At the same time, with a series of measures such as tariff reduction and exemption adopted by China, in recent years, Africa’s exports to China have grown rapidly. The main African export commodities include agricultural and forestry raw materials, oil and related products, and mineral raw materials.
Due to the differences in industrial structure and natural resources between China and Africa, the economic and trade cooperation between the two sides is highly complementary. The focus of trade cooperation is mainly on infrastructure and capacity cooperation, according to Yang Baorong, deputy director of the Institute of West-Asian and African Studies (IWAAS) of Chinese Academy of Social Sciences (CASS).
Thanks to the Belt and Road Initiative and the international capacity cooperation, many infrastructure projects in Africa have been launched, leading to the rising demands for the building materials.
China and Africa have mutual needs, mutual advantages and opportunities with each other. China-Africa cooperation has achieved transformation and upgrading. From the original government-based assistance to the current enterprise and market-based mutual benefit cooperation, the bilateral cooperation relationship has been upgraded to a new starting point, said Lin Songtian, Chinese ambassador to South Africa.
