China-Africa Cooperation: Beijing Delivers On Recent Promises As Trade Soars

The Eighth Ministerial Conference of Forum on China-Africa Cooperation, FOCAC, held in Senegal in November 2021. Some 8 months on, the dividends of the “Nine Programmes” announced at the gathering by Chinese President, Xi Jinping, are beginning to take shape. 

Rising China African Imports 
Over $3 billion of the $10 billion China pledged to African financial institutions in credit facilities has been delivered. With almost $2.5 billion in loans channeled to priority programmes. China's import of African goods reached $70.6 billion within seven months. While Chinese companies have invested $2.17 billion in Africa. 
The disclosure was made on August 18, 2022 by Chinese State Councilor and Foreign Minister, Wang Yi. He chaired the Coordinators' Meeting on the Implementation of the Follow-up Actions of the Eighth Ministerial Conference of the Forum on China-Africa Cooperation. The video link meeting was attended by senior African and African Union, AU officials.

All-time-high Trade 
According to China’s General Administration of Customs, trade between Beijing and Africa reached an all-time high of 254.3 billion U.S. dollars in 2021, up by 35.3 per cent year-on-year. Africa exported 105.9 billion dollars of goods to China, an increase of 43.7 per cent. While the online African Products Shopping Festival from April 28-May 12, 2022, attracted 23 African countries. 

Cross-border E-commerce  
Trade volume between China and Africa increased from 16.6 per cent to 137.4 billion U.S. dollars in the first half of 2022. China's imports from Africa hit 60.6 billion U.S. dollars, rising 19.1 per cent year-on-year, the Chinese Ministry of Commerce reported last week. China is expanding e-commerce ties with the continent, opening a new channel for African products to tap into the Chinese market. China, it would be recalled, has been Africa's largest trading partner for more than 10 consecutive years. 
The market scale of e-commerce in Africa will reach 34.7 billion U.S. dollars by 2024, with an average annual growth rate of 17.1 per cent, Internet statistics company, Statista, says. With fast smartphone penetration and more mobile money transactions, there is strong possibility of an upsurge in mobile internet business by 2025, experts predict. 

Reviewing FOCAC Pledges 
During the Coordinators' Meeting, both sides agreed to synergize the Belt and Road Initiative and the Global Development Initiative with African Union's Agenda 2063 and national development strategies. Foreign Minister Wang Yi announced China was waiving 23 interest-free loans for 17 African countries that matured in 2021.

The Interest Of Greater Good
China provided 189 million COVID-19 vaccine doses to 27 African countries, Wang disclosed. He said despite global challenges, China and Africa have enhanced solidarity and focused on development cooperation. China will continue to follow the principles of sincerity, real results, amity and good faith and pursue the greater good in developing relations with Africa. Both sides reaffirmed support for each other in upholding territorial integrity, sovereignty, security and development interests, the joint statement mentioned.

Africa Backs One China Principle
Similarly, Africa reaffirmed its commitment to the one China principle, China's national reunification and efforts to safeguard its sovereignty and territorial integrity. China and Africa vowed to oppose unilateralism, power politics, racial discrimination, the formation of oppositional blocs, and division and confrontation, the statement said.

African Products For Chinese Market 
On August 16, 2022, China announced it will support and facilitate the entry of more high-quality and distinctive African a...