(3 Minutes Read)
China has become a major player in Africa since the forum was founded in 2000. Its companies have invested heavily in mining for the resources Chinese industry needs and its development banks have made loans to build railways, roads, and other infrastructure under Xi’s Belt and Road program.
The chair of the African Union Commission Moussa Faki Mahamat said at the China-Africa Summit in Beijing that debt relief was an urgent imperative for many African states while stressing more diversity in the destination of investment.
Dozens of African leaders have descended on Beijing for a summit that signaled China’s influence in its effort to play the lead role in Africa, pushing back its key competitor, the US-backed Western forces. Importantly, as reported by www.trendsnafrica.com, Chinese President Xi Jinping proposed to the assembled leaders that relations with all African countries with diplomatic ties with China be elevated to the “strategic” level.
He proposed ten action plans to deepen further cooperation in industry, agriculture, infrastructure, and other areas and further open its market, in part by eliminating tariffs on products from most of the world’s poorest countries, including 33 in Africa. Xi assured that China would provide financial support of RMB360 billion yuan (USD 50.7 billion ) to Africa in various forms.
China has become a major player in Africa since the forum was founded in 2000. Its companies have invested heavily in mining for the resources Chinese industry needs and its development banks have made loans to build railways, roads, and other infrastructure under Xi’s Belt and Road program.
Read Also:
https://trendsnafrica.com/china-pledges-fresh-usd-50-billion-financial-support-for-africa/
China has become sub-Saharan Africa’s largest bilateral trading partner but exports much more to the continent than it imports. In part to reduce its trade deficit, African leaders are seeking China’s help to expand their agricultural exports and industrialize their economies.
