Cooperation benefits all people

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.