2006 marked the 50th anniversary of the establishment of diplomatic ties between China and African countries, during which time economic cooperation and trade between the two parties has developed steadily with noticeable results.

Trade was valued at US$55.5 billion, 40 percent more than in the previous year. Of this amount, China's export to Africa was worth US$26.7 billion, up 43 percent and import from Africa was worth US$28.8 billion dollars, up 37 percent. To further expand import from African countries, China has formally offered zero-tariff treatment to products in 190 categories to 28 of the least developed countries on the continent

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Investment cooperation increased steadily. At the end of 2005, China's investment in Africa totaled US$6.27 billion. Preliminary statistics indicate that direct investment in Africa reached US$370 million in 2006, with Chinese-funded projects scattered across 49 African countries. China has now signed a Bilateral Investment Treaty with 28 African countries and Agreements for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income with 8 African countries.

Contracted projects and labor services benefited both sides. In 2006, Chinese enterprises completed US$9.5 billion dollars worth of contracted projects and labor services in Africa.

Noticeable results were made in terms of aid to Africa. For more than half a century, China has been involved in over 800 supportive and cooperative projects in Africa.

By People's Daily Online