China-Africa trade expected to top US$100 bln
China and Africa should fully tap cooperation potential and strive to bring their trade volume to US$100 billion by 2010, Premier Wen Jiabao proposed here Saturday afternoon at the High-level Dialogue and 2nd Conference of Chinese and African Entrepreneurs.
The figure will more than double the 2005 level, about $39.7 billion. In the first nine months, China-Africa trade surged to $40.6 billion, up 42% year-on-year.
“Although China’s trade has been running a deficit against Africa in recent years, China still hopes to further expand its import from African countries,” Wen said.
At the opening ceremony Saturday morning of the Beijing Summit of Forum on China-Africa Cooperation, Chinese President Hu Jintao made fresh pledges to facilitate bilateral trade and cooperation, saying China will double its aid to Africa by 2009, increase from 190 to over 440 the number of tariff-free import items from the least developed African countries having diplomatic ties with China.
China will also provide 3 billion dollars in preferential loans and $2 billion of export credits over the next three years and establish a special fund of $5 billion to encourage Chinese investment in Africa.
Calling these measures “pragmatic and simulative,” Wen made five proposals to entrepreneurs from both and Africa.
He said both sides should work closer in service sectors, tourism, finance and telecommunications in particular, to cultivate new economic growth points and facilitate trade in a more balanced and healthier manner.
Wen said China would encourage capable and reputed indigenous companies to invest in Africa and spread their technology and management experiences. “We will also encourage capable Chinese companies to invest in the trade and economic cooperation zones inAfrica,” he said.
“African companies interested in investing in China are welcome,” Wen said.