Chinese President Xi Jinping (center) and his wife Peng Liyuan pose for photos with African leaders before the dinner of the Forum on China-Africa Cooperation at the Great Hall of the People in Beijing on September 4, 2024.
Ken Ishii | AFP | Getty Images
Chinese President Xi Jinping said on Thursday that China would provide 360 billion yuan (more than $50 billion) in financial support to Africa over the next three years.
Xi Jinping delivered a speech on the second day of the 9th Forum on China-Africa Cooperation Summit. The summit is expected to launch new policies and cooperation agreements to lay the foundation for China-Africa relations in the next three years.
Xi Jinping said that China-Africa relations are currently at the best period in history. official translation His Mandarin remarks.
Xi Jinping said that China is willing to deepen cooperation with Africa in the fields of industry, agriculture, infrastructure, trade, investment and other fields, and jointly promote open and win-win modernization.
The high-profile summit comes as China seeks to recalibrate economic ties and trade deals with Africa and strengthen ties with developing economies amid geopolitical tensions with the West.
Leaders from more than 50 African countries gathered in Beijing this week, including South African President Cyril Ramaphosa and Kenyan President William Ruto According to Chinese state media reports, there was a one-on-one meeting with Xi Jinping on the eve of the summit.
At the end of the summit, leaders from both sides are expected to reach trade and investment agreements and sign important documents such as Beijing’s three-year action plan. It comes after Beijing made huge financial commitments at the summit to fund major infrastructure projects across Africa.
Visiting representatives will also try to negotiate loan terms with Beijing to address the country’s growing debt burden.
The summit comes as China tries to sell more green technology products to the region, such as electric vehicles and solar panels – products that face high export tariffs in the West. This is the largest diplomatic event held by China in recent years. Chen Xiaodong, Vice Minister of Foreign Affairs of China He said at the summit media briefing on August 23.
But it could be a challenging task for Xi Jinping, after China Didn’t fulfill the promise The last Forum on China-Africa Cooperation Summit in 2021 will purchase US$300 billion in African goods.
China has surpassed the United States to become Africa’s largest trading partner since 2009. %, according to Data comes from China Customs.
In the first seven months of this year, China-Africa trade in goods accelerated growth, reaching a record high of 1.19 trillion yuan.
China is also the largest creditor to many African countries. According to statistics, between 2000 and 2023, China has invested more than US$180 billion in infrastructure projects such as bridges, railways and hydropower plants on the African continent. Boston University Center for Global Development Policy. Last year alone, Chinese banks issued loans worth $4.61 billion, the highest level since 2019.
But these lending programs, including through Xi Jinping’s signature Belt and Road Initiative, have been criticized for saddled low- and middle-income governments with debt levels that are too high relative to gross domestic product. This has resulted in some countries being unable to repay their debts and even falling into default.
In addition to the 360 billion yuan in financial support, Xi Jinping also mentioned that China will “encourage and support” Africa’s issuance of panda bonds in China. The promised financial assistance will be divided into RMB 210 billion in credit lines, RMB 80 billion in various types of assistance, and RMB 70 billion in investment by Chinese enterprises in Africa.
In his speech, Xi Jinping quoted an African proverb: “A friend is someone who stays together through thick and thin.” He pointed out that China and Africa should embark on a “common path” to modernization.
Vice Foreign Minister Chen said at a briefing on August 23 that President Xi Jinping emphasized that “no matter how the international situation changes, China’s determination to strengthen solidarity and cooperation with Africa will not waver.”
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