Ministry of Commerce spokesman Wang Xinpei said today that from January to November this year, China-Africa trade volume reached 65.9 billion US dollars: an increase of 31% compared with the same period last year. Overall imports and exports are balanced, and are expected to exceed 70 billion US dollars for the entire year. The bilateral trade volume between China-South Africa and China-Angola each surpasses 10 billion US dollars. The two African countries are ranked 29 and 31 amongst China’s major trading partners.
Wang Pei said that thanks to the efforts made by the China-Africa Cooperation Forum Beijing Summit, we have witnessed rapid, healthy and steady China-African economic and trade cooperation this year. According to IMF statistics, China has become Africa’s second largest trading partner.
In terms of investment and labor service contracts, from January to September of this year, China’s indirect investment in Africa amounted to 650 million US dollars, an increase of 102% compared with the same period last year; and had signed new labor service contracts worth 18.4 billion US dollars, achieving a turnover of 7.9 billion US dollars.
According to Wang Xinpei, in recent years, Chinese-African cooperation has expanded, methods have matured, and cooperation has gradually extended to the financial, aerospace, and telecommunications sectors. In May this year, we successfully launched the first Nigerian satellite into space: a breakthrough in satellite export history. The satellite launch will meet Nigeria’s telecommunications, broadcasting and broadband multimedia services demands; and promote economic development and progress in the application of satellite, ground communications, and telecommunications networks on the African continent. In November this year, the Industrial and Commercial Bank acquired 20 percent of the shares of Africa's largest bank, the Standard Bank of South Africa, with 5.5 billion US dollars. This is the largest foreign investment in Africa; is also China's largest overseas investment; and holds a precedent in large-scale cooperation in the China-Africa financial sector.
Source: Xinhua
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