China will further boost economic ties with Africa
BEIJING: China will boost further its already expanding economic ties with Africa, which reached a record twoway volume of more than $100 billion this year, the government said Thursday.
Chinese demand for oil, gas, iron ore and other raw materials for its rapidly growing economy has spurred trade and investments in Africa in recent years. A central government report released Thursday said that in the first 11 months of this year, China-Africa trade volume reached $114.81 billion, a 43.5 percent year-on-year increase. That follows a decline in 2009 due to the global financial crisis. That growth is likely to gain traction in the coming years as the "economic and trade cooperation is bright" between the two sides, said the "China-Africa Economic and Trade Cooperation" report.
"As economic globalization progresses, the economic and trade cooperation between China and Africa will definitely gain momentum to reach a larger scale, broader scope and higher level," it said. Beijing is encouraging Chinese companies, flush with cash from the country's economic boom, to invest in Africa in an effort to diversify an economy driven by exports and investment. China's investment in Africa has largely targeted oil, gas and mining but is expanding to manufacturing, real estate, infrastructure and other sectors. -Ap