Trade with Africa set to achieve record high

Editor: 管理员      Date:2010-10-19      Hit:3917
%3CP%3E%3CFONT%20face%3DVerdana%3EChina-Africa%20trade%20is%20expected%20to%20bounce%20back%20to%20%22pre-crisis%20levels%22%20and%20is%20on%20track%20to%20hit%20a%20record%20high%20of%20more%20than%20%24110%20billion%20this%20year%2C%20the%20Ministry%20of%20Commerce%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EHuo%20Jianguo%2C%20director%20of%20the%20Chinese%20Academy%20of%20International%20Trade%20and%20Economic%20Cooperation%20under%20the%20ministry%2C%20also%20predicted%20China-Africa%20trade%20will%20%22likely%20grow%20by%20around%2020%20percent%20in%20three%20to%20five%20years%22.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ETrade%20with%20the%20continent%20has%20outperformed%20that%20of%20China%27s%20major%20trade%20partners%2C%20including%20the%20United%20States%20and%20the%20European%20Union.%20China%20is%20Africa%27s%20largest%20trade%20partner.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20figures%20are%20even%20more%20encouraging%20considering%20the%20slowdown%20of%20growth%20in%20China%27s%20foreign%20trade%20during%20the%20past%20five%20months%2C%20said%20Zhong%20Manying%2C%20director%20general%20of%20the%20department%20of%20West%20Asian%20%26amp%3B%20African%20affairs%20with%20the%20ministry.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThey%20also%20reflect%20the%20success%20of%20the%20Forum%20on%20China-Africa%20Cooperation%2C%20launched%20in%202000%20in%20a%20bid%20to%20promote%20trade%20and%20investment.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EIn%20just%20eight%20years%2C%20from%202000%20to%202008%2C%20China-Africa%20trade%20has%20enjoyed%20annual%20growth%20rates%20of%20more%20than%2033%20percent%20and%20reached%20a%20peak%20of%20%24106.8%20billion%20in%202008.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EHowever%2C%20due%20to%20the%20financial%20crisis%2C%20bilateral%20trade%20dipped%2015%20percent%20to%20%2491.07%20billion%20last%20year.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EAccording%20to%20the%20China-Africa%20Trade%20and%20Economic%20Relationship%20Annual%20Report%202010%20released%20by%20Huo%27s%20academy%2C%20China%27s%20top%20five%20trade%20partners%20in%20Africa%20are%20Angola%2C%20South%20Africa%2C%20Sudan%2C%20Nigeria%20and%20Egypt.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20South%20African%20figures%20offer%20a%20prime%20example%20of%20just%20how%20trade%20has%20blossomed.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EFrom%20January%20to%20September%20of%20this%20year%2C%20China-South%20Africa%20trade%20grew%20by%2050.6%20percent%20year-on-year%20to%20%2417.28%20billion%2C%20compared%20with%2031.5%20percent%20for%20trade%20with%20the%20US%20and%2034.4%20percent%20for%20trade%20with%20the%20EU.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20African%20Development%20Bank%20predicted%20the%20continent%27s%20economy%20will%20grow%204.5%20percent%20this%20year%20and%205.2%20percent%20next.%20Some%20African%20nations%20have%20far%20exceeded%20even%20these%20healthy%20predictions%2C%20with%20economic%20growth%20in%20the%20Congo%20expected%20to%20rise%20by%2012%20percent%20and%20in%20Angola%20by%2010%20percent%2C%20this%20year.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EWith%20China%20and%20Africa%27s%20consumption%20capacity%20expanding%20robustly%2C%20coupled%20with%20China%27s%20newly%20launched%20preferential%20trade%20policies%20on%20tariffs%20and%20loans%2C%20bilateral%20trade%20will%20probably%20%22get%20to%20or%20even%20surpass%20that%20of%202008%22%2C%20said%20Zhong.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EBy%202011%2C%20China%20will%20cut%20tariffs%20on%2095%20percent%20of%20commodities%20from%20the%20least%20developed%20African%20nations%20to%20zero%2C%20set%20up%20three%20to%20five%20logistic%20centers%20in%20Africa%20and%20offer%20preferential%20loans%20worth%20%2410%20billion%20to%20Africa.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EIn%20August%2C%20the%20ministry%20launched%20the%20China-Africa%20Research%20Center%2C%20a%20think%20tank%20devoted%20to%20the%20study%20of%20the%20two%20economies%2C%20to%20further%20trade%20and%20investment.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EInvestment%20boost%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20ministry%20also%20predicted%20China%27s%20investment%20in%20Africa%20will%20be%20on%20a%20%22faster%22%20growth%20track%20in%20the%20coming%20years%2C%20targeting%20not%20only%20infrastructure%20and%20manufacturing%20but%20also%20other%20areas%20such%20as%20mining%2C%20energy%20and%20services.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22China%27s%20investment%20in%20Africa%20will%20be%20the%20focus%20of%20China-Africa%20economic%20relations%20and%20undoubtedly%2C%20there%20is%20vast%20potential%20with%20China-Africa%20investment%20cooperation%2C%22%20said%20Zhong.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EWith%20Africa%27s%20economic%20situation%20and%20investment%20environment%20improving%2C%20Chinese%20investment%20has%20been%20picking%20up.%20By%20the%20end%20of%202009%2C%20investment%20into%20Africa%20accumulated%20to%20%249.3%20billion%2C%20and%20Africa%20is%20the%20fourth%20largest%20overseas%20direct%20investment%20destination%20for%20China.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22The%20areas%20%28of%20Chinese%20investment%20in%20Africa%29%20have%20been%20widening%2C%20to%20our%20satisfaction%2C%20but%20what%20we%20care%20more%20about%20are%20future%20opportunities%2C%22%20Zhong%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20academy%27s%20report%20said%20%22Africa%20is%20in%20great%20need%20of%20foreign%20investment%20to%20go%20with%20its%20economic%20development%2C%20and%20China%20has%20the%20capability%20to%20make%20it%20happen%22.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EA%20World%20Bank%20report%20in%202009%20showed%20funds%20worth%20%2493%20billion%20are%20needed%20annually%20to%20improve%20the%20continent%27s%20infrastructure%2C%20but%20African%20nations%20can%20only%20supply%20%2445%20billion.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EWith%20%22funds%20and%20experience%20in%20internationalization%22%2C%20Chinese%20companies%20can%20narrow%20the%20gap%2C%20according%20to%20the%20China-Africa%20Trade%20and%20Economic%20Relationship%20Annual%20Report%202010.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EChina%27s%20investment%20traditionally%20focused%20on%20textiles%2C%20agriculture%2C%20machinery%20equipment%20and%20manufacturing%2C%20but%20more%20recently%20it%20has%20helped%20develop%20mining%20and%20services%20to%20meet%20surging%20demand%20for%20commodities.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22China%27s%20investment%20will%20expand%20into%20new%20sectors%20including%20mining%2C%20finance%2C%20aviation%20and%20logistics%2C%20and%20renewable%20energy%2C%22%20Zhong%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EChinese%20investment%20in%20Africa%20surged%20during%20the%20past%20decade%2C%20with%20the%20figure%20growing%20to%20%241.44%20billion%20in%202009%20from%20%24210%20million%20in%202000.%3CBR%3E%3C/FONT%3E%3C/P%3E