China’s President Xi Jinping told African presidents yesterday in Johannesburg at a summit that Beijing would provide $60 billion over three years, to fund development on the continent. Critics say these projects have done little to develop local economies and that China is exploiting the region while ignoring conflict human rights abuses.
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Speaking at the Forum on China Africa Cooperation in South Africa, Xi outlined 10 areas that will receive funding including infrastructure projects, aid for drought-stricken countries and thousands of scholarships for African students.
Numerous heads of African states, representatives from the African Union (AU), heads of regional organisations and multilateral organisations are also participating in the summit, which has the theme “Africa-China progressing together: win-win co-operation for common development”.
Mr. Wang made the announcement during a meeting with African foreign and trade ministers as a prelude to the Sixth FOCAC Summit which opens in Johannesburg, South Africa on Friday.
“These plans aim at addressing bottleneck issues holding back Africa’s development”. Zuma said that China and Africa makeup one-third of the world’s population, bringing possibilities of new markets and production possibilities.
President Robert Mugabe is on Friday expected to attend the China-Africa Cooperation Summit in South Africa as Zimbabwe and other nations seek assistance from the Asian nation to boost their economies.
In 2006, the Chinese government proposed a new type of China-Africa strategic partnership featuring political equality and mutual trust, economic win-win cooperation, and cultural exchange.
Dlamini-Zuma said Chinese president Xi Jinping’s earlier speech had to a large extent answered the question of what could be done within this co-operative agreement to lift African people out of poverty.
In the past 15 years, China-Africa trade has increased by 22 times, and China’s nonfinancial investment has surged sixtyfold.
“He specifically lauded China for the vision behind the establishment of FOCAC as a platform for higher level Africa-China relationship”, Adesina said in the statement. This is Xi’s second visit to the country – the first was in 2013 when the Chinese president toured several African states.
“We need financial resources and investment”, he said.
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China’s trade with Africa, which stood at $220 billion in 2014, is largely import-driven. “This partnership can simply give further favorable outcomes for Africa’s development”, Mr Zuma said.
