YEARENDER: China-Africa cooperation: unlimited opportunity with vitality
2011-12-19 0:00:00Author： adminFont Size：Big Medium Small
NAIROBI, Dec. 19 (Xinhua) -- China-Africa new strategic partnership continues to develop rapidly in the second decade of the new century with frequent high-level visits and successful expansion of political, economic, and cultural cooperation.
The cooperation has effectively promoted the economic and social development in the African countries and China, improving people's living standard, and shows its significance in a world that is undergoing major changes and adjustments.
BROADER ECONOMIC COOPERATION
The further broadened economic cooperation and trade relations between China and Africa in 2011 has pushed the economic development of China and African nations, bringing tangible benefits to the peoples.
China has become the largest trading partner of Africa and Africa stands as China's fourth largest investment destination. According to Chinese Ministry of Commerce latest data, China- Africa trade volume reached 122.2 billion U.S. dollars in the first three quarters of 2011, attaining a year-on-year growth of 30 percent. The trade volume reached 126.9 billion U.S. dollars 2010, and is expected to reach 150 billion - 160 billion U.S. dollars 2011.
Meanwhile, China's non-financial direct investment to Africa totaled 1.08 billion U.S. dollars representing a year-on-year growth of 87 percent. The new construction contracts in Africa signed by Chinese companies reached 25.2 billion U.S. dollars, and accomplished a turnover of 23.7 billion dollars.
Chinese goods with a wide range fit into different consumption levels in the African market, and meet the people's life and production needs in Africa. At the same time, coffee, diamonds, handicrafts and other unique African products are favored by Chinese consumers.
China-Africa cooperation projects can be seen in almost every African country, covering agriculture, mining, manufacturing, infrastructure, trade flows and others. In 2011, Sino-Africa cooperation has been gradually broadened with a good momentum with development in financial, telecommunications, tourism, shipping and other industries.
A number of Chinese financial institutions have started business in Africa and airlines from China and many African countries have launched direct flights.
Development is the most pressing issue facing Africa, yet the weak infrastructure is creating a bottleneck for the development in many African countries. Therefore infrastructure has been a major focus of China-Africa cooperation. In 2011, infrastructure projects in many African countries were constructed by Chinese enterprises, such as roads, railways, bridges, ports, hospitals, communications and electric power, which have now been completed and put into use.
These projects have not only improved the African people's living standard and quality of life, but also helped the local residents with employment, improving the skills of local professionals, and promoting the progress of related industries.
Xinhua
- Tireworld Insight: Domestic tire makers eye overseas expansion
- Tireworld Insight: Price disparity severe between China's rubber exports and imports
- Tireworld Insight: China tire exports dependent on US market performance
- Tireworld Insight: SHFE rubber expected to move in tight range in short-term
- Tireworld Insight: Rubber futures to test near-term resistance at 15,000 yuan/tonne
- Tireworld Insight: China’s tire industry on track of rapid growth
