China-Africa trade prospects look promising By Yan Yang (China Daily) Updated: 2006-04-26 08:57
Close, high-level ties between China and African countries, and enthusiasm
shown by Chinese firms, has improved the prospects for trade between the two
sides.
Bilateral trade and economic co-operation has entered a new phase
of all-round, rapid and stable growth since the China-Africa Forum was set up in
2000, according an official from the Chinese Ministry of Commerce.
China
now imported more goods and service from African countries than it has exported
to them, he said.
Improved political stability on the African continent
and the political will to enhance the relationship between Africa and China has
resulted in strengthened economic and trade ties, he added.
The comments
come as President Hu Jintao takes part in a week-long tour of Africa his
second visit to the continent since becoming State leader three years
ago.
The trip includes visits to Morocco, Kenya and Nigeria.
"The
president's visit this time will be another big push for trade," said the
official, who declined to be named.
Bilateral trade between China and
Africa has surged to reach nearly US$40 billion last year from US$10 billion at
the turn of the century.
Since the beginning of 2005, China has begun
scrapping tariffs on 190 kinds of imported goods from 28 of the least developed
African countries with which it has diplomatic relations.
This is the
result of work completed by the China-Africa Forum.
Imports under these
tax items added up to US$380 million last year, an increase of 87 per cent year
on year, according to customs statistics.
Meanwhile, the Chinese
Government is encouraging Chinese companies to invest and set up joint ventures
in Africa, the official said.
By the end of 2005, the accumulated
investment from China to Africa had reached US$1.25 billion.
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