China-Africa trade volume hits $300bn

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Beijing  –  Yang Fuchang, former Chinese Deputy Foreign Minister, on Monday said China’s trade with African states may hit 300 billion dollars mark at the end of 2015.
Yang stated this at the opening of the 4th China-Africa Industrial Forum (CAIF) in Beijing.
He said that activities of the forum had grown about 10 times in the last decade, noting that forum, established in 2000, had served as an important and effective platform for facilitating China-Africa cooperation.
He disclosed that China’s trade with Africa recorded 10 billion dollars in 2000, and by 2014, the figure grew to 220 billion dollars.
“China is seeking to raise 400 billion dollars by 2020.
“Statistics show that China’s trade with the European Union stood at 467.3 billion Euros in 2014 and 590.68 billion dollars with the U.S,’’ he said.
Yaun said that most African nations were developing economics and are in the early stage of industrialization.
According to him, China is comparatively advanced in industrial developments and has technology and funds therefore, the timing is right for the two sides to engage in all-round economic cooperation.
Victor Sikonina, Head of the African Diplomatic Corps and Madagascar’s Ambassador to China, said that inadequacy of infrastructure had restricted Africa’s sustainable development.
He said that Africa’s gate was open for Chinese investors.
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A report at the forum said that in recent years the number of African businesses investing in China was on the rise.
It said that in the first week of December, 2015, China and South Africa would jointly sponsor the China-Africa Cooperation Forum Summit in Johannesburg, the second after the first in Beijing in 2006. (Xinhua/NAN)

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