China, Africa to embrace closer economic, trade ties

0 Comment(s)Print E-mail Xinhua, June 8, 2019
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China and African countries will see more intimate economic and trade ties as the first China-Africa Economic and Trade Expo will open on June 27 in Changsha, the capital city of Hunan province.

A total of 53 African countries have confirmed to attend the expo, and international organizations including the United Nations Industrial Development Organization, the World Food Programme and the World Trade Organization will also send representatives to attend the event.

Here are some facts and figures revealing the growing vitality of trade between China and Africa as well as broader economic exchanges.

-- China has been the largest trading partner of Africa for 10 consecutive years.

-- In 2018, trade volume between China and Africa amounted to $204.2 billion, up 20 percent year on year.

-- China's imports of non-resource products from Africa have increased significantly. In 2018, China's imports from Africa went up 32 percent year on year, with the imports of agricultural products up 22 percent.

-- China's exports of mechanical, electrical and high-tech products accounted for 56 percent of its total exports to African countries.

-- China has finished the negotiations of a free trade agreement with Mauritius.

-- More than 3,700 Chinese enterprises have been set up in Africa by the end of 2018, with combined direct investment over $46 billion.

-- China's financial institutions have established more than 10 branches in Africa.

-- South Africa and seven other countries have included the Chinese currency renminbi (RMB), or the yuan, in their foreign exchange reserves.

-- China has formed RMB clearing arrangements with Zambia and signed currency swap agreements with four African countries including Morocco.

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