China to beef up investment in Africa

Cooperation between China and Africa is stronger than ever, with China planning to beef up investment in Africa and Chinese companies starting to consider moving abroad, top economists and former officials have said.

"Now is the best period for Asia, especially China, to cooperate with Africa. There will be a surge of cooperation in not only quantity but also quality," said Wei Jianguo, former vice-minister of commerce and current secretary-general of the think tank China Center for International Economic Exchange Center.

He made the remarks on Sunday at a discussion focusing on the rise of Africa at the Boao Forum for Asia Annual Conference. The event attracted renowned economists and leaders from Africa.

International Monetary Fund Managing Director Christine Lagarde (right) chatting with Zambia's President Michael Chilufya Sata at the Boao Forum for Asia Annual Conference in Boao, Hainan province, on Sunday. LIAO PAN / CHINA NEWS SERVICE

"China will intensify investment in Africa, although our investment in Africa so far has reached $20 billion," Wei said.

He quoted President Xi Jinping's remark on Sunday morning at the forum that in the next five years China would invest $500 billion in other countries and import about $10 trillion in goods.

Xi also said that in the coming five years the number of overseas visits made by Chinese people may exceed 400 million.