China, Africa devoted to deepening cooperation(2)

DEEPENING TRADE, ECONOMIC COOPERATION, IMPROVING PEOPLE'S LIVELIHOOD

During his stay in Ethiopia, Li attended the completion ceremony of a highway constructed by Chinese corporations, visited an industrial park, and held a seminar with businessmen from China and African countries.

China and Africa were expected to sign nearly 60 deals, covering cooperation in such areas as trade, health, culture, agriculture and personnel training.

"Trade and economic cooperation is playing a key supportive role in the development of China-Africa relations," said Liu Hongwu, director of the School of African Studies at Zhejiang Normal University.

"The two sides' cooperation in such fields as agriculture, industry, science and technology, and new energy has increasingly become one of the most important outside forces that boost Africa's economic development," he said.

He added that the visit would deepen trade and economic cooperation between China and African nations.

Official statistics show the total volume of China-Africa trade hit an all-time high last year, reaching 210.2 billion U.S. dollars, up 5.9 percent year-on-year.

China has been Africa's largest trade partner for five consecutive years and a major source of new investment, while Africa has been China's important import market and second largest market of overseas contract projects.

According to the Chinese Commerce Ministry, Chinese direct investment in Africa amounted to 25 billion dollars by the end of 2013, with more than 2,500 Chinese companies operating in Africa in the fields of finance, telecommunications, energy, manufacturing and agriculture, and creating more than 100,000 local jobs.

"The rapid growth of China-Africa trade has resulted in a sharp increase of African exports, which improves Africa's foreign currency earnings, creates employment opportunities, and accelerates Africa's industrialization," said Liu of Zhejiang Normal University.

In fact, China has always kept every commitment it made to Africa and attached no political strings so that African nations can translate their advantages in natural resources into advantages in development.

Lansana Camara, a political analyst based in Conakry, Guinea, said Chinese companies in the African country filled a vacuum left by global mining firms from the West, sustaining the country's pillar sector and saving a lot of local jobs.

"As the West is still embroiled in economic meltdown and has rolled back investment in Africa, the emergence of Chinese companies is naturally welcomed by Africans," Camara said.