BIZCHINA> Review & Analysis
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BIZCHINA> Review & Analysis
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Cooperation benefits all people
By Chen Deming (China Daily)
Updated: 2009-11-07 08:30 Although geographically far apart, China and Africa have time-honored friendship, which has been cemented over the long course of history. Since the beginning of the new century, especially since the Beijing Summit of the Forum on China-Africa Cooperation, the two sides have been committed to building a new type of strategic partnership, and jointly implementing the eight cooperation measures announced by President Hu Jintao. As a result, China-Africa trade and economic ties have gained a new momentum, bringing benefits to people from both sides. China-Africa trade has been developing rapidly. It registered an average annual growth rate of over 30 per cent in the past eight years and exceeded $100 billion for the first time in 2008, realizing the target of "$100 billion by 2010" proposed by Premier Wen Jiabao two years ahead of schedule. Chinese investment in Africa has expanded steadily. In 2008, Chinese direct investment in the continent amounted to $5.49 billion. The existing stock of investment had reached $7.8 billion and more than 1,600 Chinese companies had invested in Africa by 2008, covering a wide range of areas from product processing to agricultural development. Substantial progress has been made in infrastructure cooperation.
Chinese enterprises have undertaken the construction of some major projects in Africa, including the east-west expressway in Algeria, the expansion of the Lobito Port in Angola and the Bui hydro-power station in Ghana, which have been widely applauded by local governments and people. After years of efforts, China-Africa trade and economic cooperation has shifted towards a diversified and interactive pattern encompassing trade, investment, aid and project contracting, playing an irreplaceable role in the economic development of both sides. China has closely followed the development of Africa and sincerely wishes to make its contribution to the African people in developing their nations and creating a better life. To help African countries build their capacity for self-development, China has provided various assistances to 53 countries under the framework of South-South Cooperation over the past 50-strong years. It has finished over 800 complete-plant projects, provided training to 300,000 people, canceled 306 debts for 34 heavily indebted poor and least developed countries, and sent 17,000 medical workers to 43 African countries. The Chinese people will never forget the invaluable support of the African friends in major international issues such as the resumption of China's membership in the UN and the hosting of the Beijing Olympic Games, and their selfless assistance in the wake of the devastating earthquake in 2008.
Under the assistance initiative, the Chinese side has constructed a number of large infrastructure projects including the national stadium of Zambia, the second Bridge of Bamako, Mali, the hydro-power station of Pubara, Gabon, the new airport of Mauritius and the ring road of Nairobi, Kenya. The 100 China-assisted rural schools will accommodate 50,000 children, and the 30 hospitals with Chinese assistance will add 4,000 beds to local medical capacity. The malaria prevention cooperation has covered over 30 countries and benefited hundreds of millions of people. The Ethiopian glass factory invested by the China-Africa Development Fund has filled the vacancy of local industry, and the cotton planting project in Malawi will create 100,000 jobs for local farmers. The Zambia-China Economic and Trade Cooperation Area has already attracted 10 enterprises with a total investment of more than $700 million, and created 6,000 jobs. Meanwhile, Chinese companies have also grown stronger and reaped great profits on the vast African continent. Facts have proven that China-Africa economic and trade relationship features reciprocity, mutual benefit, cooperation and win-win, reflects the aspirations of the peoples and the need of the time, and thus sets up a role model of South-South Cooperation. (For more biz stories, please visit Industries)
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