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China and Africa Poised to Embrace a Brighter Future for Economic Cooperation and Trade.doc

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China and Africa Poised to Embrace a Brighter Future for Economic Cooperation and Trade

China and Africa Poised to Embrace a Brighter Future for Economic Cooperation and Trade Chen Deming In Malawi, a landlocked African country, rows of cotton cultivated by local farmers with instruction from Chinese experts are budding; in Ethiopia, a shoe factory, which was built with investment from the China-Africa Development Fund, is teeming with local workers; in the Democratic Republic of Congo, a hydropower station, financed by credit from China, has just been inaugurated. In the meantime, in China, a country tens of thousands of miles away, African officials and technicians have been invited to Beijing to share China’s development experience and advanced technology; in Yiwu, a city in Southern China, Chinese customers are selecting South African wine at the Exhibition Center for African Products; at the New Port of Tianjin, a cargo ship loaded with fruit and textile products from Benin is preparing for tariff exemption procedures to enter the Chinese market. These are the encouraging scenes unfolding before us as China fulfills its commitments on economic cooperation and trade announced at the Fourth Ministerial Conference of the Forum on China-Africa Cooperation (FOCAC) in 2009. At the meeting, which was held amidst the rampaging financial crisis, the Chinese government announced eight new measures to advance its practical cooperation with Africa, including development assistance, credit and financing, training and trade promotion. This speaks volume of the determination of China and Africa to weather the challenging times hand in hand. Steered by FOCAC and stimulated by these promotion measures, the two sides have withstood the test of the financial crisis. As a result, the trade and economic cooperation has witnessed faster growth across wider areas in more diversified forms, bringing more tangible benefits to the Chinese and African people. In terms of trade, the total trade volume between China and Africa hit a record high of USD 166.3 billion in 2011,