May 24, 2024

China measures to expand imports from Africa: Chinese trade official

2 min read

China-Africa trade has long been well-balanced, and China will take various measures to help grow imports from the continent, according to a senior official with China’s Ministry of Commerce (MOFCOM), as China pushes up communication and cooperation with Africa despite international intervention.

According to Qian, commerce between China and Africa is generally fairly balanced. Since 2000, China’s imports from Africa have totaled $1.2 trillion, with $1.27 trillion in exports.

In recent years, commerce between the two countries has averaged $200 billion per year, with China’s imports and exports from Africa totaling $100 billion.

China has increased its efforts to increase imports from Africa, according to Qian, including the establishment of African product exhibition centers in Hunan Province in Central China and Zhejiang Province in East China, as well as the allocation of $5 billion to help Chinese companies import products from Africa.

China has pushed Chinese companies to participate in Africa’s agriculture, manufacturing, and service sectors, according to Qian, with industrial parks serving as a key platform for China-Africa investment and cooperation.

In order to improve cooperation, Chinese authorities are increasing their involvement with African leaders.

According to the Xinhua News Agency on Wednesday, Chinese Premier Li Keqiang spoke via video link at the 4th Forum on China-Africa Local Government Cooperation on Tuesday, saying that China and Africa should expand their pragmatic cooperation to create a better future for the 2.7 billion Chinese and African people.

China’s fresh direct investment in Africa is expected to reach $4.2 billion by 2020, increasing 56 times from 2003. According to analysts, China’s investment stock in Africa will have surpassed $43.4 billion by the end of 2020, spanning more than 50 African countries, which will help grow imports from Africa and encourage high-quality development of China-Africa trade.

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