African countries and China signed business deals worth $20.8 billion during the first China-Africa Economic and Trade Expo (CAETE).The Expo was held the central Chinese city of Changsha, Hunan Province, from June 27 through 29. The business deals generated included areas like trade, investment, infrastructure, agriculture, manufacturing, aviation, tourism and sister-city relations according to Chinese media Xinhua,The theme of the exhibition, was “Win-Win Cooperation for Closer China-Africa Economic Partnership”.It attracted participation ofmore than 1,600 delegates from 53 African countries and over 3,500 Chinese and foreign exhibitors, buyers and professionals etc. The total footfalls were estimated to be around 100,000. More than 84 agreements were also signed during the three-day event.
The CAETE , Hunan’s first national platform open to the outside world was held under the framework of the Forum on China-Africa Cooperation as a new mechanism to boost economic and trade relations between China and African countries. Economic ties between Hunan province and Africa have recorded a growth of over 50% for the past four years. In 2018 it touched $2.8 billion. However in spite of the massive growth in trade between China and Africa, the balance of trade is tilted in favour of China. Of late China has been demonstrating a commitment to correct the balance.
