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China to increase investment in Africa: official

Updated: Nov 27,2015 7:57 AM     Xinhua

BEIJING — China will increase investment in Africa and buy more non-resource products from the continent, an official said on Nov 26.

“China will export advanced industrial production capacity to African countries,” Vice-Commerce Minister Qian Keming told a news briefing.

He said China will diversify imports from the continent and buy more products in addition to primary commodities, particularly natural resources, which account for the bulk of China-Africa trade.

Qian said China had deliberated for a year on the “package of cooperation proposals” that it has announced it will unveil at the Johannesburg meeting of the Forum on China-Africa Cooperation (FOCAC) next month.

The package is based around China “helping African countries upgrade industrial structure, safeguard food security and build infrastructure,” according to the vice-minister.

The Johannesburg FOCAC summit will be a “milestone” in China-Africa ties and trade cooperation, said Qian.

“At the summit, Chinese companies will exhibit their competence in railway, aviation, electricity, telecom, machinery and smart manufacturing,” said Qian. “To finance bilateral cooperation, China will set up funds and give African countries more low-interest bank loans.”

China has provided African countries with loans worth over $20 billion since 2012 to support infrastructure, investment, small and medium-sized enterprises, agriculture and manufacturing.

The Chinese government also rolled out about 900 assistance programs in Africa covering agriculture, health, education and other fields and offered training to over 30,000 local people since 2012, Qian said.

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