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[Yearly Overview VI for Commerce Work in 2018] Beijing Summit Injected New Energy for China-African Economic and Trade Cooperation

Since 2018, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping as the core, the Ministry of Commerce comprehensively implemented the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and the spirits of the 19th National Congress of the Communist Party of China and the second and third plenary sessions of the 19th CPC Central Committee, strengthened 鈥渇our consciousness,鈥consolidated 鈥渇our confidences,鈥followed the principle of sincerity, real results, amity and good faith and the principle of pursuing the greater good and shared interests, and took the successful FOCAC (Forum on China-Africa Cooperation) Beijing Summit as the opportunity to promote China -African economic and trade cooperation to a new stage.

1. FOCAC Beijing Summit Held Successfully

Under President Xi Jinping鈥檚 presiding and leading in person, the FOCAC Beijing Summit gained complete success. The summit themed on 鈥淐hina and Africa: toward an even stronger community with a shared future through win-win cooperation," planed the future development of China-Africa relations and drew grand blueprint for China-Africa cooperation. The summit enjoyed unprecedented scale and level, attracted worldwide attention and boasted important significances. President Xi Jinping and representatives from 54 participant African countries of the forum attended the summit, including 40 Presidents, 10 Prime Ministers, the Vice President and President of African Union. The number of African leaders and that of the attending delegations had both break the record of all previous China-Africa Summit. President Xi Jinping announced at the opening ceremony of the summit that, in the future 3 years and for certain time after that, China is willing to focus on the implementation of the Eight Major Initiatives, which was the biggest highlight of the summit, planning the specific road for the common development of China and Africa in the next stage.

2錛嶩igh Level Mutual Visit Pointed out Cooperation Direction

President Xi Jinping visited 4 African countries including Senegal, Rwanda, South Africa and Mauritius, discussed the development of bilateral relations with the leaders of each of the above countries, and interpreted China鈥檚 policies to Africa systematically on bilateral and multilateral occasions, building more consensuses on China-Africa amity and solidarity, and gathering stronger power for China-African mutual benefit and cooperation. Leaders of the Party and the State including Chairman of the Standing Committee of the National People's Congress Li Zhanshu, Chairman of the Chinese People's Political Consultative Conference ( CPPCC ) National Committee Wang Yang and Vice President Wang Qishan visited Ethiopia, Mozambique, Namibia, Congo (Brazzaville), Uganda, Kenya and Egypt respectively. Leaders of many countries including South Africa, Zimbabwe, Sierra Leone, Cote D鈥橧voire, Angola and Burkina Faso visited China successively. The frequent high-level mutual visit between China and Africa further consolidated the traditional friendship between China and Africa, docked China-Africa development strategies in depth, vigorously promoted China-Africa economic and trade cooperation to gain new achievements constantly and to realize new development.

3. China-Africa Trade Won Rapid Growth

In 2018, driven by the picking up of the prices of the international bulk commodities, and China鈥檚 initiatively expanding imports from Africa, China-Africa trade showed a trend of balance and rapid growth in general. In January-October, China-Africa trade reached US$ 168.3 billion, up 21% year on year. Among these, China鈥檚 import from Africa was US$ 82.1 billion, up 33% year on year; China鈥檚 export to Africa was US$ 86.2 billion, up 11% year on year. South Africa, Angola, Nigeria, Egypt and Algeria were the first five largest trade partners of China in Africa. The institutional arrangements of trade with Africa were promoted steadily, and gained new breakthroughs. China granted 97% of tax item goods originating from Burkina Faso zero tariff for the least developed countries. China and Mauritius concluded FTA negotiation in September. Next, the two sides will start relevant legal reviews and prepare for the final signing of the agreement.

4. Investment and Contracts Promoted Steadily

In January-October, China鈥檚 direct investment in Africa reached US$ 2.464 billion, among which the non-financial investment was US$ 2.463 billion, up 4% year on year. East African countries were still China鈥檚 main investment destinations. China鈥檚 newly signed contract volume of contractual projects reached US$ 59.8 billion, largely increasing by 19% year on year, and the complete turnover was US$ 34.5 billion. Nigeria, Egypt, Congo (DRC), Uganda and Zambia were China鈥檚 five largest contractual projects markets in Africa. The manufacturing base for 200 thousand tons of fiberglass of the Egypt company of Jushi Group with the total investment of US$ 580 million was officially established and put into operation, becoming China鈥檚 largest manufacturing base for fiberglass overseas and the only one in Africa; the construction of Zambia Industrial Park of China National Building Materials Group which was designed, invested, built and operated autonomously by China was completed and put into operation with the total investment of US$ 500 million, and will create about 3,000 local jobs directly or indirectly; the Maputo Bridge of Mozambique undertaken by China Road & Bridge Corporation was officially opened for traffic, which was the largest suspension bridge in Africa.

5. Rising Cooperation in Emerging Sections

In financial section, China-Africa cooperation in the banking industry was promoted steadily. Asian Infrastructure Investment Bank (AIIB) signed memorandum of understanding with African Development Bank, agreed to subsidize African infrastructure construction jointly; Bank of Dasheng China in Tanzania funded jointly by 6 enterprises from Jiangsu province has gained the operation license issued by the Central Bank of Tanzania, becoming the first overseas commercial bank established by non-banking financial organizations along 鈥淏elt and Road鈥Routes. The 鈥済oing out鈥of RMB took firm steps, and the General Administration of Egypt鈥Suez Canal, has officially accepted Chinese ships to use RMB to pay the shipping fee; the People鈥檚 Bank of China signed the currency swap agreement with Nigeria , and the scale was 15 billion RMB/720 billion Nigeria Naira. In aviation section, China and Congo (Brazzaville) signed civil aviation transportation agreement; Aviation Industry Corporation of China delivered two LE-500s to South Africa, marking that LE-500 entered Africa as the training aircraft for the first time. In the section of e-commerce, Alibaba and the government of Rwanda announced to build the first international electronic trade platform in Africa, and signed several strategic cooperation agreements on strengthening e-commerce cooperation, introducing the tourist resources of Rwanda and promoting the development of digital economy of Rwanda.

In 2019, we will take Xi Jinping鈥檚 Thought on Socialism with Chinese Characteristics for a New Era as the guidance, completely implement the spirits of the 19th National Congress of the Communist Party of China and the second and third plenary sessions of the 19th CPC Central Committee, sincerely carry out the deployment of the Central Economic Work Conference. Around the commercial core work, we will further strengthen horizontal coordination and longitudinal linkage, and taking implementing the Eight Major Initiatives between China and Africa as the mainline, we will constantly promote China-Africa economic and trade cooperation in the new era, so as to make greater contributions to promoting the construction of a stronger China-Africa community with a shared future.

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