China committed to promoting Africa's regional economic integration

25 Aug '23

2 min read

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Insights

China is committed to promoting Africa's regional economic integration by encouraging investment, facilitating value chains, and strengthening and integrating intra-Africa trade, a joint statement released yesterday after the China-Africa Leaders' Dialogue in Johannesburg said.
China-Africa trade rose by 7.4 per cent YoY to $158.36 billion between January and July.

China is committed to promoting Africa's regional economic integration by encouraging investment, facilitating value chains, and strengthening and integrating intra-Africa trade, a joint statement released yesterday after the China-Africa Leaders' Dialogue in Johannesburg said.

Both sides will continue to synergise Belt and Road cooperation with the African Union's Agenda 2063 and the national development strategies of African nations, it said.

They reaffirmed their commitment to further advancing the institution-building of the Forum on China-Africa Cooperation (FOCAC).

The Chinese side supported African countries in exploring development paths compatible with the national conditions, and the African side reaffirmed its firm commitment to the one-China policy, it added.

The African side commended China for introducing the Global Development Initiative, the Global Security Initiative, and the Global Civilisation Initiative, in support of strengthening multilateralism, a state-controlled Chinese news agency reported.

Meanwhile, China's trade with Africa reported steady growth in the first seven months this year, according to official data.

Trade between China and Africa rose by 7.4 per cent year on year (YoY) to 1.14 trillion yuan ($158.36 billion) during the January-July period, data from the general administration of customs in China showed.

In the first seven months, the country's exports to Africa grew by 20 per cent YoY to 709.59 billion yuan, while imports reached 426.65 billion yuan.

Fibre2Fashion News Desk (DS)