- Beijing Hosts Forum on China-Africa Cooperation for Advancing Modernization
- China has been Africa’s largest trading partner for 15 consecutive years
- Trade between China and Africa rose to $166.6 billion in 2024
- China liberates African continent from poverty, backwardness by Advancing Modernization
By: Muhammad Arif, Editor NSN.Asia
Beijing: Chinese capital, Beijing, is hosting the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) from September 4 to 6, to enhance their economic and trade cooperation and liberate the continent from poverty and backwardness by “Advance Modernization”
The theme of the 2024 FOCAC is “Joining Hands to and Build a High-Level China-Africa Community with a Shared Future.”
During the 2024 Summit of the Forum on China-Africa Cooperation, leaders of the two sides will jointly renew friendship, discuss cooperation and map out the future, according to the Chinese foreign ministry.
Goals of 2024 FOCAC is promoting Africa’s sustainable development by enhancing its manufacturing capacities, increasing trade opportunities, fostering economic diversification, and integrating African countries into the global value chain.
Experts say the 2024 FOCAC Summit commencing from September 4 to 6 will be a crucial opportunity for China and Africa to deepen their economic and trade relationships, achieving mutual benefits and advancing shared development goals.
China and African countries have increased cooperation through initiatives like the Belt and Road Initiative (BRI) from railways and roads to wind farms and power stations, as well as schools and hospitals.
China has supported African economic development across the continent through infrastructure projects under the Silk Road Spirit of cooperation.
By the win-win cooperation approach, improvements in transportation, reliable electricity, and enhanced access to education and healthcare have greatly elevated quality of life in Africa.
China and African countries have developed closer economic and trade ties with increasing trade volume, diversified commodities and services on both sides, the latest data showed.
Trade between China and Africa rose 5.5 percent year on year to 1.19 trillion yuan (about $166.6 billion) between January and July, data from China’s General Administration of Customs (GAC) showed.
China has been Africa’s largest trading partner for 15 consecutive years, customs data showed.
China-Africa trade reached a record high of 282.1 billion U.S. dollars in 2023, up 1.5 percent year on year, showing strong resilience.
In 2023, China’s new energy vehicles, lithium batteries, and photovoltaic products exports to Africa increased by 291 percent, 109 percent, and 57 percent year on year, respectively.
Meanwhile, China’s imports of African nuts, vegetables, flowers, and fruits increased by 130 percent, 32 percent, 14 percent, and 7 percent, respectively, compared to the previous year.
GAC data also showed China’s trade with Africa in intermediate goods posted 6.4 percent year-on-year growth in the first seven months of the year,
Trade in intermediate goods between China and Africa accounts for 68 percent of the total value of bilateral trade, helping Africa in its process of industrialization and economic diversification efforts, said Lyu Daliang, an official with the GAC.
During the January-July period, China’s exports to Africa hit 697.93 billion yuan, while imports reached 490.89 billion yuan, customs data revealed.
Sang Baichuan, dean of the Institute of International Economy at the University of International Business and Economics, said that the China-Africa trade has grown rapidly as a result of mutually beneficial and win-win cooperation.
“It not only demonstrates the remarkable achievements of China’s high-quality economic development, but also plays a significant role in promoting Africa’s social development and improving local people’s living standards,” said Sang.
The China-Africa Trade Index, based on trade-indicator data between China and African countries, was released for the first time by the GAC in 2023, with the general index of data from 2000 serving as the benchmark.
Starting from 100 points in 2000, the index reached a record high of 990.55 points in 2022, indicating the rapid and positive development of China-Africa trade.
“China and Africa economies are highly complementary,” Sang noted, adding that China possesses mature and applicable technologies, equipment, and sufficient capital, while African countries have significant advantages in terms of manpower and natural resources.
Strengthening trade ties between China and Africa is beneficial in leveraging their respective advantages and vast markets, achieving mutual benefits, and fostering win-win development, according to Sang.
The sustainable advancement of China-Africa cooperation and people-to-people exchanges, especially through health and wellness, capacity building and cultural programs, is promoting mutual sharing and strengthening understanding and friendship between the two sides.
“In 2021, the Eighth Ministerial Conference of the FOCAC (Forum on China–Africa Cooperation) was held successfully. At the opening ceremony, Chinese President Xi Jinping announced that China and Africa had jointly prepared the China-Africa Cooperation Vision 2035. Under the first three-year plan of this Vision, China will work closely with African countries to implement the nine programs,” China’s Assistant Minister of Commerce Tang Wenhong said.
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