In 2014 Chinese-African trade will surpass $200 billion
Addis Ababa, 3 March 2014 (WIC) - On 20 February, Chinese President Xi Jinping, hosting Senegalese visiting President Macky Sall in Beijing said, "In 2013, Chinese-African trade surpassed $200 billion for the first time, making China Africa's biggest trading partner.
That all stands witness to the endlessly renewed vitality of Sino-African friendship, to the scale of the potential for cooperation and the excellent outlook for the new kind of Sino-African strategic partnership." Xi added that that Chinese direct investment in Africa grew 44 percent.
Highlighting Africa’s importance to the Chinese leadership, after Xi became president in March 2013 he visited Tanzania, South Africa and the Republic of Congo as part of his first overseas tour.
The growth in bilateral trade has been dynamic. While in 1995 China’s trade with Africa was $6 billion, in 2010 it exceeded $130 billion. According to estimates of the South African Standard Bank, by 2015 Chinese foreign direct investments (FDI) into African nations will reach $50 billion.
China is today receiving 28 percent of its oil imports from Africa, a figure that will grow in the future. (oilprice.com)
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