Mutual synergy to boost China-Africa links
Total value of trade between two sides grew to around $282b in 2023
By ZHONG NAN | China Daily | Updated: 2024-09-04 09:13
Strengthened by closer political ties as well as complementary economic advantages, China and Africa are poised for diversified business cooperation and increased trade volumes in the coming years, said analysts and business leaders.
Amid rising protectionism, geopolitical risks and challenges in global economic recovery, they said that China, the world's manufacturing powerhouse, and Africa, with its wealth of natural resources, expanding consumer market and growing entrepreneurship, are eager to foster pragmatic cooperation with an open mindset.
Both sides aim to expand common interests and achieve mutually beneficial outcomes, said Wang Linjie, a spokeswoman for the China Council for the Promotion of International Trade.
China is willing to work with African countries to promote the healthy and sustainable development of economic and trade ties, ensure the stability of the global industrial and supply chains, and inject more stability and certainty into global economic growth, Wang said.
Total trade value between China and Africa grew to $282 billion in 2023, statistics from China's General Administration of Customs showed.
This momentum has continued in the first seven months of 2024, with bilateral trade value surging 5.5 percent on a yearly basis to 1.19 trillion yuan during this period.
China mainly exports steel, computers, construction machinery, trains, trucks and buses, building materials, manufacturing equipment, electronics, pharmaceuticals and medical equipment, garments and household appliances to Africa. Chinese-made passenger vehicles and solar cells have also become popular in many African countries in recent years.
In addition to mining and energy-related products, African countries' shipments to China include grains, fruits, coffee, tobacco, flowers, timber, handicraft articles, chemicals, plastics, rubber, electromechanical, leather, textiles and apparel products.
Xiao Hao, a professor specializing in China-Africa economic and trade cooperation at Hunan University in Changsha, Hunan province, said China and several African countries have already fostered fresh growth opportunities in areas such as green development, digital economy and the modernization of industry and agriculture.
"By pursuing these avenues, they can embark on a path of modernization marked by mutual support and shared rejuvenation among developing countries," said Xiao.
For instance, Chinese companies, including automaker Beijing Automotive Group Co, technology heavyweight Huawei Technologies Co and home appliances manufacturer Hisense Group, have all built manufacturing, service and innovation facilities in African countries, including South Africa, Ghana, Cameroon, Morocco and Egypt, over the past decade, according to information released by the Ministry of Commerce.
Noting that infrastructure development remains a crucial driver for job creation, economic stimulation and foreign investment in Africa, Liu Xingguo, a senior researcher at the China Enterprise Confederation in Beijing, said Chinese companies will play a key role in helping advance Africa's industrialization and building modern infrastructure facilities that will solidify the continent's economic growth.
This is exemplified by China Gezhouba Group Co Ltd's construction work in Kenya. The Chinese company, a subsidiary of State-owned China Energy Engineering Group Co Ltd, completed the main construction of the Thwake Dam Project in the East African nation in June.
Tang Yazhou, China Gezhouba's country branch head for Kenya, said the dam is the largest water conservancy project in the country to date, integrating water supply, irrigation and power generation. It is a big-ticket project under the Belt and Road Initiative framework and a flagship project of Kenya Vision 2030.
Located about 120 kilometers from Nairobi, Kenya's capital, the dam is 78.5 meters high and spans 1.5 kilometers, with a total fill volume of about 12 million cubic meters.
"Upon completion, the dam will have a water storage capacity of 688 million cubic meters, bringing significant economic benefits to the southeastern region of Kenya by providing water supply, electricity and agricultural irrigation," said Tang, adding that the project will alleviate water and power shortages for over 3 million local residents.
