China and Africa commit to further enhance bilateral trade ties at the China-Africa Leaders' Dialogue on Thursday on the sidelines of 15th BRICS Summit.
China is committed to promoting Africa's regional economic integration by strengthening intra-Africa trade, promoting investment, and facilitating the development of value chains.
Over the years, trade and investment between China and Africa have seen leapfrog growth.
China-Africa trade develops rapidly
Latest data from the General Administration of Customs shows that bilateral trade between China and Africa totaled 1.14 trillion yuan ($156.4 billion) during the first seven months of this year, up 7.4 percent from a year earlier.
China has been Africa's largest trading partner for 14 consecutive years. Chinese imports from Africa in the past 23 years totaled $1.42 trillion. Correspondingly, exports to Africa totaled $1.58 trillion, according to China's Ministry of Commerce.
Business enthusiasm
Deepening trade relations have attracted more Chinese companies to invest in Africa. Chinese enterprises in the region have increased rapidly by about ten times since 2000, from more than 10,000 to over 100,000. Trade of large enterprises accounted for about 90 percent of total value in 2022.
Mombasa–Nairobi Standard Gauge Railway. /CFP
Belt and Road cooperation
African countries are active members of the Belt and Road Initiative (BRI). Among the 53 African nations that have established diplomatic relations with China, 52 of them, plus the African Union Commission, have signed BRI cooperation documents with China. Cooperation projects on roads, electricity, communications and ports have spread across Africa, with aims of enhancing the region's capacity for self-sufficient, sustainable development.
Both sides will continue to synergize China-Africa high quality Belt and Road cooperation with the African Union's Agenda 2063 and the national development strategies of African countries to elevate China-Africa cooperation to higher levels, according to a joint statement released Thursday after the China-Africa Leaders' Dialogue.
(Cover via CFP)