China-Africa Trade Hits Record High

 In recent years, China-Africa cooperation has been growing deeper and more productive and vibrant.

I. A clear direction in cooperation

There are quite a number of mechanisms for international partners to engage with Africa, and plans and promises have never been in short supply. But the key is whether Africa’s concerns and priorities are taken seriously. China’s cooperation with Africa, which is part of the South-South cooperation, is based on equality and consent.

It does not follow the old model of the big powers, and does not hurt Africa’s long-term interests. China adheres to the principle of sincerity, real results, amity and good faith and takes the right approach to friendship and interests. China does not interfere in Africa’s internal affairs, does not impose its own will on others, and does not attach any political strings. It has blazed a trail of win-win cooperation with Africa.

China-Africa cooperation follows Africa’s needs. In recent years, pursuing synergy with the African Union’s Agenda 2063, China has put forward ten cooperation plans, eight major initiatives and nine programs under the framework of the Forum on China-Africa Cooperation (FOCAC) to support Africa’s development and revitalization. In August 2023, China announced another package of practical measures to support Africa’s industrialization, agricultural modernization and talent training at the China-Africa Leaders’ Dialogue, showing a firm determination to support Africa’s modernization.

II. A people-centered approach

Commitments are always honored: This is the hallmark of China’s cooperation with Africa. In the same year of the establishment of FOCAC, the Chinese Follow-up Committee was set up to ensure that all policy measures outlined at FOCAC meetings are implemented.

Decades of hard work has delivered fruitful results in China-Africa cooperation. For 15 years in a row, China has remained Africa’s largest trading partner. Two-way trade hit a record high of US$282.1 billion in 2023. China is also Africa’s largest source of investment among developing countries. By the end of 2022, the stock of Chinese direct investment in Africa had topped US$40 billion. More than 3,000 Chinese companies invest and have business in Africa, creating a large number of local jobs, helping to upgrade and transform Africa’s industrial chains and increase the added value of African products. Landmark infrastructure projects such as the Addis Ababa-Djibouti Railway, the Mombasa-Nairobi Railway, and the Lekki Port have boosted the flow of people and goods. Hybrid rice, Qinghao (the herb for extracting the anti-malaria artemisinin) and Juncao (plant for edible mushroom farming), known as “the three Chinese grasses”, have helped many Africans get rid of poverty. China-Africa cooperation is yielding fruits across Africa and helping Africa transform its resources into development gains and benefits for the African people.

III. An innovation-empowered future

China-Africa relations derive energy from an innovative spirit. The advent of digital economy and green development create important opportunities for Africa to transform its economy, move up the global industrial chain, and catch up in economic development. These are also new growth areas for China-Africa cooperation where the two sides can leverage their comparative advantages. China has given strong support to Africa’s digitalization, taking part in the construction of multiple undersea cable projects connecting Africa with Europe, Asia and the Americas. Since inception of FOCAC, China has helped to build or upgrade about 150,000 kilometers of communication backbone networks in Africa that serve 700 million users. China is an important partner for Africa to realize energy transition. It has carried out hundreds of clean energy power generation and power grid projects in Africa to help African countries make better use of their solar, hydro, wind, and geothermal power for high-quality development. Last February, the African Union launched the second ten-year plan of Agenda 2063, which highlighted the aspiration of promoting science, technology and innovation, and enhancing the standard of living, quality of life and wellbeing for all citizens. This coincides well with China’s current focus on developing new quality productive forces. New opportunities are beckoning for the two sides to deepen practical cooperation and promote common development.

Chinese and African leaders will meet again in Beijing later this year in autumn. China and Africa will renew their commitment to China-Africa friendship and cooperation, and share ideas and open up new prospects for the high-quality development of China-Africa cooperation and the joint pursuit of modernization.