China is Africa's Largest Trade Partner
The main pillars which play important roles in developing trade relations between China and Africa are aid, investment and soft power interaction with the African continent which has opened its doors for its honest friend China to run a modest trade deficit with Africa collectively. This will pave the way widely for closed partnership that will be an increasing emphasis on collaboration in the agricultural sector. The China-Africa relationship has witnessed and has become as a model because Chinese leaders have been visiting the continent regularly for decades, quietly working on joint development, trade, foreign direct investment and assistance projects.
As we know that China is the largest developing country in the world, and Africa is the continent with the largest number of developing countries. This political situation promotes the historic relations between China and African countries in all fields especially in the field of economy, since 2000, People's Republic of China increased aid to Africa, leading to significant interests in and speculation over its motives for doing so. With each Forum on China -Africa conference (FOCAC) meeting, China has doubled its pledge to Africa, promising five billion dollars in 2006, 10 billion dollars in 2009 and, at the 2012 Summit, 20 billion dollars.
China historically the revolutionary spirit of its foreign policy under Mao Zedong, but it didn't have any substantial economic interests in the continent , however, China has put its feet in Africa continent and gets more projects in the field of investments which have spread in all African developing countries. Chinese investments boost the strategic cooperation and boosted confidence between two countries. However, the future of Chinese-African trade relations is fruitful because the two sides have strong will to promote their cooperation despite of challenges which are confronting them. Currently, the international situation undergoes profound and intricate changes, newly emerging and developing economies have become the major force pushing forward the world's economic development. In time with the changes in the international environment, China and Africa cooperation continues to deepen the new type of China -Africa strategic partnership, vigorously advancing economic and trade cooperation , and actively exploring a common path that reflects both China's and Africa's realities.
China has become Africa's largest trade partner, and Africa is now China's major import source, second largest overseas construction projects contract market and fourth largest investment destination. China- Africa economic and trade development has improved people's livelihood and diversified economic development in African countries. It has also provided strong support for China's socio-economic development and contributed to promoting South-South Cooperation and balanced world economic development.
Through the common efforts of China and Africa bilateral economic and trade cooperation, now Africa enjoys a consolidated foundation and improved mechanisms with new common interests and growth points in cooperation constantly emerging. In March 2013, China's president Xi Jin Ping visited Africa and announced a series of new reasons to support Africa's development, providing a powerful impetus for the advancement of China-Africa economic and trade relations.
By SUNA, 16/11/2013