An Avenue for Balancing China-Africa Trade

Since 2018, the China International Import Expo (CIIE), held annually in Shanghai, has been serving as an important platform for China to advance its high-quality opening up to the outside world. More and more countries, especially African countries, are using this platform to showcase what they have to offer to the Chinese market and expand their exports to China, which helps to reduce trade imbalances.

The sixth CIIE, held on 5-10 November, is no exception. A total of 3,486 enterprises from 128 countries and regions attended the expo, including 289 Fortune 500 companies and industry leaders. Statistics show that a total of $78.41 billion worth of tentative deals for one-year purchases of goods and services have been reached at the expo, an increase of 6.7 percent compared with last year.

Using the expo as an international public good, China is sharing its development opportunities with the rest of the world. In his congratulatory message to the event, Chinese President Xi Jinping stressed that in the face of a sluggish global economic recovery, all countries need to pull together to tide over difficulties and seek common development. “China will continue to be an important opportunity for global development, and will firmly advance high-standard opening up and work for an economic globalisation that is more open, inclusive, balanced and beneficial to all,” he said.

The platform is expected to usher in a new chapter in China-Africa trade and economic cooperation, boosted by continuous energy and impetus. More and more African countries have leveraged this platform to showcase their products and enhance international exchanges for win-for-all cooperation. Seven out of the 11 countries making a debut at the CIIE’s Country Exhibition this year are from Africa, including the Central African Republic, Zimbabwe, Togo and Sierra Leone.

China-Africa trade has been rising steadily in recent years. Statistics released by China’s Ministry of Commerce show that bilateral trade in 2022 hit $282 billion, a year-on-year increase of 11.1 percent. China has been the largest trading partner of Africa for 14 consecutive years. According to the China-Africa Cooperation Vision 2035 adopted by the Eighth Ministerial Conference of the Forum on ChinaAfrica Cooperation in 2021 in Dakar, Senegal, China-Africa annual trade is expected to reach $300 billion in 2035. The CIIE will serve as an important mechanism to achieve that goal by providing an avenue for the African countries to raise their exports to China.

Agricultural produce occupies an important part in China-Africa trade. According to the Report on China-Africa Economic and Trade Relations (2023) released by the Chinese Academy of International Trade and Economic Cooperation, China is Africa’s second-largest importer of agricultural produce with an annual average increase of 11.4 percent in recent years. To encourage more African agricultural produce to enter the Chinese market, the CIIE this year established a special zone for demonstrating African agricultural produce.

Soon after the end of the sixth CIIE, registration for the seventh edition has begun. So far, nearly 200 enterprises have signed up and an area of more than 100,000 square metres has been booked in advance, according to the CIIE Bureau.