Ministry of Commerce spokesman Chong Quan says that the Chinese government has contributed significantly to the reduction of African debt by increasing assistance to African nations and expanding trade and investment.

Speaking at a press conference in Beijing, Chong Quan said that since the Sino-African Forum was established in 2000, the relationship between the two countries has entered a new stage of development.

Within the framework of the forum, China has cancelled the debts of 31 African countries including those of least developed countries (LDC). Their debts to China amounted 10.9 billion yuan or approximately US$1.36 billion. China levies zero tariffs on products exported from 28 African LDC and have helped 49 African countries undertake 720 projects with donations from China. Chinese companies have contracted 58 projects with preferential loans to 26 African countries.

In the past 6 years, China has provided training to 10,000 African people and encouraged the Chinese to invest in Africa and open factories there. China's investment in Africa so far amounts to US$6.27 billion.

"These measures have promoted economic development in Africa, increased employment opportunities there, made suitable technology available, improved African countries' capacity to self-develop and contributed to the improvement of people's standard of living," said Chong Quan.

Chong said China's assistance was welcomed by both African governments and the people and had promoted the healthy and steady development of Sino-African cooperation in commerce and trade.

Chong Quan also pointed out that Chinese enterprises have gained a lot of experience in the African market while African countries have made efforts to absorb Chinese investment by improving their investment environment.

By People's Daily Online