At the opening Forum on China-Africa Cooperation (FOCAC) in Beijing, Chinese President Xi Jinping reaffirmed his country’s commitment to strengthening economic cooperation with the African continent.
Speaking today, Xi declared that China is “ready to deepen cooperation” in multiple areas, marking what he called the “best period in history” for China-Africa relations.
Xi’s remarks come as China solidifies its role as Africa’s largest trading partner, with trade between the two regions reaching $167.8 billion in the first half of 2024, according to official Chinese reports.
To underscore this growing partnership, Xi pledged 360 billion yuan (approximately $50 billion) in financial support over the next three years, with a goal of creating at least one million jobs across Africa.
This summit marks the largest diplomatic gathering in Beijing since the COVID-19 pandemic.
A total of 25 African heads of state were in attendance, reflecting the importance of the event for both parties as they seek to strengthen economic and political ties.
While China has long been Africa’s dominant trading partner, with heavy investments in infrastructure and resource extraction, the relationship has drawn mixed reactions from African governments.
In the past two decades, China has sent thousands of workers and engineers to Africa to build roads, railways, and energy projects. In return, it has gained access to valuable resources like copper, gold, and lithium.
However, some African nations have expressed frustration with the trade imbalance. At the last FOCAC meeting in Dakar, China committed to increasing imports from Africa to $300 billion annually.
Yet, African exports to China in 2023 amounted to only $109 billion, a figure that has declined due to falling commodity prices. Most of these exports consist of raw materials such as oil, gas, and minerals, while hopes for a more diversified trade relationship have yet to fully materialize.
Although China has made some industrial investments in countries like Egypt and Morocco, these ventures primarily serve its access to European markets.
Meanwhile, Chinese exports of vehicles, electronics, and textiles continue to flood African markets, highlighting a dependence on the country’s goods.
Another challenge for Africa is its growing debt to China. While government loans from Beijing are decreasing, private and public Chinese companies are increasingly stepping in, raising concerns about transparency and the long-term sustainability of African debt.
The summit is set to conclude on Friday, with both sides expected to outline new initiatives aimed at fostering economic growth and cooperation.
