—- Lauds President Xi Jinping For Strategic Partnership Between Africa and China
IPNEWS: Chinese President Xi Jinping said Thursday that China will provide 360 billion yuan (more than $50 billion) in financial support to Africa over the next three years.
Xi spoke on the second day of the ninth Forum on China-Africa Cooperation Summit, which is expected to deliver new policies and cooperation agreements that will set the stage for China-Africa relations in the next three years.
“The China-Africa relationship is now at its best in history,” Xi said, according to an official translation of his Mandarin-language remarks.
“China is ready to deepen cooperation with Africa in industry, agriculture, infrastructure, trade and investment,” Xi said, urging both sides to jointly advance modernization that is “open and win-win.”
The high-profile summit came as China seeks to recalibrate its economic ties and trade agreements with Africa as well as strengthening relations with developing economies amid geopolitical tension with the West.
Leaders from over 50 African nations gathered in Beijing this week, many of whom — including Liberia’s President Joseph N. Boakai, South Africa’s President Cyril Ramaphosa, and Kenya’s President William Ruto, have spoken with Xi in one-on-one meetings in the lead up to the summit, according to Chinese state media.
By the end of the summit, leaders from both sides are expected to reach deals on trade and investment, and sign key documents like Beijing’s three-year action plan. The summit has previously seen Beijing making huge financial pledges to fund massive infrastructure projects across Africa.
The visiting delegates will also be working to negotiate with Beijing on loan terms in a bid to resolve growing debt burdens at home.
The summit also came as the country tries to sell more green tech products to the region like electric vehicles and solar panels — items that face hefty export tariffs in the West. It is the largest diplomatic event that China has hosted in recent years, Chinese Vice Foreign Minister Chen Xiaodong said in the summit’s media briefing on Aug. 23.
But it might be a challenging task for Xi, after China did not meet a pledge to buy $300 billions of African goods from the last Forum on China-Africa Cooperation Summit in 2021.
China has been Africa’s largest trading partner since it overtook the U.S. in 2009. The total trade volume has grown significantly over the past two decades, from less than 100 billion yuan in 2000 to 1.98 trillion yuan in 2023, for an annual growth rate of 17.2%, according to data from China Customs.
In the first seven months of this year, China-Africa traded goods accelerated to reach a record 1.19 trillion yuan.
China is also the largest creditor to many African nations. Between 2000 and 2023, it has channeled over $180 billion to build infrastructure projects such as bridges, rail lines and hydropower plants on the continent, according to the Boston University Global Development Policy Center. Last year alone, Chinese lenders extended loans worth $4.61 billion, highest level since 2019.
But these lending schemes, including through Xi’s hallmark Belt and Road Initiative, have been criticized for saddling low- and middle- income governments with overly high levels of debt relative to GDP. That has left some countries unable to service their debt or even going into default.
On top of the 360 billion yuan in financial support, Xi mentioned that China will “encourage and support” Africa in issuing panda bonds in China. The pledged financial assistance will break down into 210 billion yuan in credit facilities, 80 billion in various types of assistance and 70 billion yuan worth of investments in Africa by Chinese firms.
“A friend is someone you share the path with” Xi said in the speech, citing an African proverb, noting that China and Africa should be on a “shared path” toward modernization.
President Xi emphasized that “no matter how the international landscape may evolve, China shall never waver in its determination to pursue greater solidarity and cooperation with Africa,” Vice Foreign Minister Chen said in the Aug. 23 briefing.
During Thursday’s session, Liberia’s President Joseph Boakai praised the strategic partnership between Africa and China during the Ninth Forum on China-Africa Cooperation (FOCAC) Summit which runs from September 4-6, 2024 in Beijing, China.
President Boakai speaking to world leaders including Chinese President Xi Jinping, Democratic Republic of Congo President Felix Tshisekedi, Rwandan President, Mr. Paul Kagame, and others, President Boakai lauded the partnership for its vital role in Africa’s transformation and highlighted significant developmental projects in Liberia backed by Chinese support.
At the summit, China pledged RMB 360 billion (USD 50 billion) in financial support over the next three years, cementing its role as a key player in Africa’s modernization.
Chinese President Xi Jinping outlined a bold plan to drive Africa’s industrial and economic growth through ten partnership actions, including industrial chain cooperation, infrastructure connectivity, trade facilitation, and health improvements.
The unprecedented commitment marks a major boost to Africa’s development efforts, particularly in areas such as agriculture, healthcare, and green energy.
The Liberian leader outlined key projects in Liberia that are set to benefit from this strengthened cooperation, including the Bo Waterside-Freeport Asphalt Road, two overhead bridges in Monrovia, and a new sewage treatment plant.
Supported by Chinese grants, these projects reflect the deepening ties between the two nations.
“The future of Liberia-China relations is bright and promising,” President Boakai said. “We are committed to a shared future of win-win cooperation, focusing on industrial capacity, infrastructure connectivity, and sustainable development.” President Boakai noted.
He emphasized the importance of governance in fostering strong partnerships.
President Boakai stated that Governance encompasses the principles that ensure our institutions are effective, accountable, and responsive to the needs of their citizens, stressing that Liberia’s commitment to enhancing transparency, democratic processes, and anti-corruption measures as part of its ARREST Agenda.
The Liberian Chief Executive noted that FOCAC, established 24 years ago, has served as a key platform for strengthening and deepening bilateral ties between China and African countries.
“It has played a pivotal role in promoting economic cooperation and enhancing South-South collaboration on a multilateral level,” President Boakai added, stressing that FOCAC has also drawn global attention to Africa’s vast potential in the international trade arena.
During his address, the Liberian President recounted his personal connection to China, recalling his last meeting with President Xi in 2009, when they both served as Vice Presidents of their respective countries.
He expressed hope that this continued relationship would bear positive outcomes for Liberia and Africa as a whole.
As China reaffirms its role as a pivotal force in Africa’s development, Liberia stands poised to capitalize on these initiatives, ensuring that the partnership continues to yield mutual benefits for both nations.
The announcement of RMB 360 billion (USD 50 billion) in financial support over the next three years shows China’s commitment to Africa’s modernization, economic growth, and global influence.
During Chinese President’s address, President Xi emphasized the need for just and equitable modernization, noting that Africa’s development is a key factor in the broader push for global modernization.
“Without our modernization, there will be no global modernization,” Xi stated, stressing that China and Africa, which together account for one-third of the world’s population, must lead this movement.
Key areas of focus are on industrial chain cooperation, connectivity, trade prosperity, and health improvements.
China will offer RMB 210 billion in credit lines, RMB 80 billion in various forms of assistance, and RMB 70 billion in investments by Chinese companies, transforming the continent’s industries and economies.
Moreover, the “African SMEs Empowerment Program” and over 30 infrastructure connectivity projects aim to strengthen Africa’s global trade capabilities, enhance industrial growth clusters, and accelerate digital transformation.
In health, China will send 2,000 medical personnel to the continent and establish hospitals and joint medical centers to bolster Africa’s healthcare systems.
Additionally, 30 clean energy projects and initiatives in biodiversity conservation promise a green and sustainable future for Africa.
At the same time, Mr. Xi’s vision encompasses modernizing Africa’s agricultural sector, providing RMB 1 billion in emergency food assistance, and implementing community welfare programs that are expected to generate at least one million jobs for Africans.
With the promise of RMB 360 billion in financial support, and an unwavering commitment to partnership, China is not just a partner but a pivotal force in Africa’s rise.
Earlier, the Liberian President Joseph Nyumah Boakai and delegation arrived for the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, capital of China, Wednesday, Sept. 4, 2024.
