Beijing Hosts Forum On China-Africa Cooperation (FOCAC) Summit

by Ike Obudulu Posted on September 3rd, 2018

Beijing, China : Beijing is hosting African leaders for a high-level summit aimed at strengthening China-Africa relations, with the discussions of the Forum on China-Africa Cooperation (FOCAC) expected to mainly focus on President Xi Jinping’s Belt and Road Initiative (BRI) project, which is also known as the “new Silk Road”.

The theme of the two-day summit is “China and Africa: Toward an even stronger community with a shared future through win-win cooperation.”

Chinese President Xi Jinping called for a stronger Sino-African relationship, saying China wants it to serve as the model for the country’s relations with the rest of the world.

Xi said China is willing to work with the African people to build a stronger community with a shared future between China and Africa, which will serve as a model for building a community with shared future for mankind, a concept first brought up in 2013 to highlight a new type of international relations based on win-win cooperation.

The Chinese president made the remarks when he was addressing the African leaders at the opening ceremony of the 2018 Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) on Monday.

Xi stressed that the Sino-African relationship has a long history, and that China is the world’s largest developing country and the African continent has the world’s largest number of developing countries.

Xi went on to highlight six aspects for the future China-Africa ties, in terms of mutual trust, global governance, economic and social collaboration, cultural and non-governmental exchange, security and sustainable growth.

“China takes it as its mission to make new and even greater contribution to mankind,” Xi said..

Xi said China is ready to work with international partners in building the Belt and Road.

China will also get actively involved in global governance and stay committed to the vision of consultation, cooperation and benefit for all in global governance, Xi said.

Moreover, China will remain committed to opening-up, according to Xi.

“We firmly believe that peace and development are the theme and the call of the times,” said Xi, urging the international community to respond to that call with solidarity, wisdom, courage and a sense of mission.

China will extend a total of $60 billion of financing to Africa, which will be provided in the form of government assistance as well as investment and financing by financial institutions and companies, President Xi Jinping said.

XiJinping said China will implement 8 major initiatives with African countries in: Industrial promotion, Infrastructure connectivity, Trade facilitation, Green development, Capacity building, Health care, People-to-people exchanges, Peace and security

Chinese President Xi Jinping also said on Monday that China is willing to work with Africa to forge closer business ties, noting that China welcomes African entrepreneurs who want to come to China to do business and that Beijing also encourages Chinese businessmen to invest in Africa.

Xi made the remarks in a speech at the High-Level Dialogue between Chinese and African Leaders and Business Representatives, and the Sixth Conference of Chinese and African Entrepreneurs, held on the sidelines of the 2018 Beijing summit of the Forum on China-Africa Cooperation (FOCAC).

This year marks the 40th anniversary of China adopting reform and opening-up policy, a landmark program that helped the country become the world second largest economy as it is now.

Both China and Africa share the same dream for development, Xi said, adding that China is willing to work with the African people to build China-Africa relations as a role model for South-South Cooperation.

South African President Cyril Ramaphosa, who also delivered a speech, described China as an old friend of Africa. He spoke highly of China’s contributions to Africa’s development in areas such as manufacturing, agriculture, healthcare, finance, peace and security, tourism and aviation.

African countries look forward to working with China in new fields like the green economy and the Fourth Industrial Revolution, Ramaphosa said.

Leaders of African countries arrived in Beijing over the weekend for the 7th FOCAC Summit to renew friendships and expand cooperation.

The chairperson of the African Union Commission will lead delegations attending the summit. The Secretary-General of the UN will also attend events as a special guest, and 27 international and African organizations will be present as observers.

A busy agenda awaits President Xi Jinping and his African counterparts. On Monday, President Xi will attend the opening ceremony and deliver a keynote speech. On Tuesday, he and South African President Cyril Ramaphosa will co-chair various meetings.

Chinese State Councilor and Foreign Minister Wang Yi said: “The forum will host 14 sub-forums and side events, with key areas covering people-to-people exchanges, poverty reduction, and cultural areas. They will fully reflect the all-round and diverse cooperation between China and Africa, and galvanize enthusiasm and confidence for people from all sectors. The measures to be discussed are very people-centric. They will encourage Chinese and African people to participate more in the cooperation, deepen mutual understanding and friendship and strengthen future relations between China and Africa.”

China says it wants to work with Africa to combine the construction of the Belt and Road Initiative (BRI) with the implementation of the UN 2030 Agenda for Sustainable Development, the African Union’s Agenda 2063, and the development strategies of individual African countries.

Three years after Chinese President Xi Jinping outlined his “ten major plans” for cooperation between China and Africa, Africa remains an important destination for new Chinese investment. China has spent the last nine years as Africa’s largest trading partner.

Chinese Vice Commerce Minister Qian Keming said: “In 2017, the trade volume between China and Africa was 170 billion US dollars, up 14 percent year-on-year. In the first six months of this year, trade volume between China and Africa was 98.8 billion US dollars, up 16 percent year-on-year. Over the past three years, China’s average direct investment in Africa has remained at about three billion US dollars.”

Jiang Zengwei, the chairman of the China Council for the Promotion of International Trade said: “Globalization is the trend of the world. No country can achieve development by closing its doors. We should be inclusive and open, interact with each other within the international order and rules and promote win-win cooperation.”

China-Africa cooperation under the framework of the Forum has also been welcomed by African leaders. Mokgweeti Masisi, the president of Botswana, said: “When you look at President Xi Jinping’s policy of interacting with Africa in an unintrusive manner without conditionality, it’s very attractive to adopt that model to adopt such partners for our own development.”

It has been 18 years since the establishment of FOCAC. The Beijing Summit is another reunion of the big family of China and Africa. It’s the largest diplomatic activity, attended by the largest number of foreign leaders this year in China. The meeting is expected to see the adoption of the Beijing Declaration and an action plan for the years 2019 to 2021. Beijing is ready and opening its arms to welcome African brothers and sisters to cooperate in building an even stronger community with a shared future.

The Belt and Road Connection

The China-Africa relationship is often miscategorized as solely about trade and investment — yet, there’s no denying that an explosive growth in commerce has underpinned an increasingly strong bond.

The stats are impressive: China-Africa trade grew from a 765 million US dollars in 1978 to 170 billion US dollars in 2017, and Chinese investment in African projects ranging from infrastructure to agriculture and manufacturing has totaled more than 100 billion US dollars over the past decade alone.

Helping to further accelerate China-Africa commerce is the Belt and Road Initiative, the plan proposed by President Xi Jinping five years ago to improve global trading connectivity through updating or creating trading routes through infrastructure investment.

At the 2018 Summit of the Forum on China-Africa Cooperation, the Belt and Road is high on the agenda.

The initiative already involves more than 20 African countries and covers areas such as railways, highways, ports and power generation — creating thousands of local jobs in the process.

As Kwesi Quartey, deputy chairperson of the African Union, told China state media on Sunday, mutual support without interference is vital to shared success.

“China supports Africa, unconditionally. Allowing Africa to solve African problems. Non-interference. But still focusing on key win-win matters, like trade, industrialization, education.”

Quartey was among senior ministers from 49 African nations and representatives of 20 international and regional organisations who joined Chinese Foreign Minister Wang Yi at Diaoyutai Guesthouse in Beijing for a morning of discussions.

Together they sought to make progress ahead of the first day of the summit proper, and it was clear that the sheer scale of the event had raised hopes for a successful meeting.

“We have very high expectations,” Tanzanian Foreign Minister Dr. Augustine Philip Mahiga said “The fact that the Chinese and the president and the government and the Party have invited the entire leadership of Africa is itself a great achievement.”

This year marks the fifth anniversary of the China-proposed Belt and Road Initiative, with more African countries expressing their interest in joining the grand project.

So far, nearly 10 African countries have signed Belt and Road cooperation agreements with China, and a few more are in negotiations. Recently in July, during Chinese President Xi Jinping’s visit to Africa, China signed cooperation documents with Senegal and Rwanda.

Proposed in 2013, the Belt and Road Initiative refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, which aims to build a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes of the Silk Road.

The initiative has emphasized infrastructure projects such as railways, highways and airways, and brought various opportunities for the development of infrastructure in Africa over the past few years, he said.

Cooperation under the initiative, which certainly goes beyond infrastructure, is expected to be a major topic of the upcoming FOCAC summit.

One of the expected outcomes at the FOCAC summit is progress in linking the Belt and Road Initiative with the UN 2030 Agenda for Sustainable Development, the African Union’s Agenda 2063, and individual countries development plans.

Harnessing the collective power of the different mechanisms could make a real difference to individual lives: creating jobs, wealth and new opportunities. And, experts say, more infrastructure projects may be announced over the coming days.

China supports the African countries in jointly building the Belt and Road to share the win-win outcomes, President Xi Jinping said Monday when addressing the High-Level Dialogue Between Chinese and African Leaders and Business Representatives.

China stands ready to strengthen comprehensive cooperation with the African countries to build a road of high-quality development that is suited to national conditions, inclusive, and beneficial to all, Xi said in his keynote speech themed “walk together towards prosperity” at  the Sixth Conference of Chinese and African Entrepreneurs.

Full text of Chinese President Xi Jinping’s speech at opening ceremony of 2018 FOCAC Beijing Summit

“Your Excellency President Matamela Cyril Ramaphosa,

Your Excellency President Paul Kagame, Chairperson of the African Union,

Distinguished Heads of State and Government,

Distinguished Heads of Delegation,

Your Excellency Mr. Antonio Guterres, Secretary General of the United Nations,

Your Excellency Mr. Moussa Faki Mahamat, Chairperson of the AU Commission,

Ladies and Gentlemen,

Friends,

September has just set in Beijing, bringing with it refreshing breeze and picturesque autumn scenery. And we are so delighted to have all of you with us, friends both old and new, in this lovely season for the reunion of the China-Africa big family at the 2018 Beijing Summit of the Forum on China-Africa Cooperation (FOCAC).

I wish to extend, on behalf of the Chinese government and people and in my own name, a very warm welcome to all of you, dear colleagues and guests. I also wish to extend, through you, the best regards and cordial greetings of the Chinese people to the brotherly people of Africa.

I wish to mention in particular that since the Johannesburg Summit, FOCAC has had three new members, namely, the Gambia, Sao Tome and Principe and Burkina Faso. Today, we are joined by President Barrow, Prime Minister Trovoada and President Kabore and their delegations. Let us welcome them with a warm round of applause!

Dear Colleagues,

Ladies and Gentlemen,

Over a month ago, I paid my fourth visit to Africa as the Chinese President, which was also my ninth visit to this land of great promise. During the last visit, I once again saw an Africa that is beautiful and richly endowed, that is full of dynamism in development, and I learned about first-hand the African people’s ardent hope for a better future. I concluded the visit even more convinced that Africa’s development has great potential, that this great continent is full of hope, that China-Africa friendship and cooperation have broad vistas, and that China and Africa can forge an even stronger comprehensive strategic and cooperative partnership!

As an ancient Chinese scholar once observed, “Only with deep roots can a tree yield rich fruit; only filled with oil can a lamp burn brightly.” History follows its own rules and logic. With similar fate in the past and a common mission, China and Africa have extended sympathy to and helped each other throughout all the years. Together, we have embarked on a distinctive path of win-win cooperation.

Marching on this path, China has followed the principle of sincerity, real results, amity and good faith and the principle of pursuing the greater good and shared interests. China has stood with African countries. Together, we have worked in unity and forged ahead.

— China values sincerity, friendship and equality in pursuing cooperation. The over 1.3 billion Chinese people have been with the over 1.2 billion African people in pursuing a shared future. We respect Africa, love Africa and support Africa. We follow a “five-no” approach in our relations with Africa: no interference in African countries’ pursuit of development paths that fit their national conditions; no interference in African countries’ internal affairs; no imposition of our will on African countries; no attachment of political strings to assistance to Africa; and no seeking of selfish political gains in investment and financing cooperation with Africa. We hope this “five-no” approach could apply to other countries as they deal with matters regarding Africa. For China, we are always Africa’s good friend, good partner and good brother. No one could undermine the great unity between the Chinese people and the African people.

— China pursues common interests and puts friendship first in pursuing cooperation. China believes that the sure way to boost China-Africa cooperation is for both sides to leverage its respective strength; it is for China to complement Africa’s development through its own growth, and it is for both China and Africa to pursue win-win cooperation and common development. In doing so, China follows the principle of giving more and taking less, giving before taking and giving without asking for return. With open arms, we welcome African countries aboard the express train of China’s development. No one could hold back the Chinese people or the African people as we march toward rejuvenation.

— China takes a people-oriented approach in pursuing practical cooperation with efficiency. With top priority given to the interests of Chinese and African peoples, China advances its cooperation with Africa to improve the well-being of Chinese and African peoples and deliver more benefits to them. We will fully honor the promises we have made to our African brothers. Faced with new developments and challenges, China will continue to improve institution building, develop new ideas and expand areas of cooperation with Africa to bring our cooperation to greater heights. Ultimately, it is for the peoples of China and Africa to judge the performance of China-Africa cooperation. No one could deny the remarkable achievements made in China-Africa cooperation, not with their assumption or imagination.

— China takes an open and inclusive approach to cooperation. China is fully aware that long-term stability, security, development and invigoration for Africa is not only the longing of the African people; it is also the responsibility of the international community. China stands ready to work with other international partners to support Africa in pursuing peace and development. China welcomes and supports all initiatives that meet Africa’s interests, and believes that it should be the same with the wider international community. No one could stand in the way or obstruct international efforts to support Africa’s development.

Dear Colleagues,

Ladies and Gentlemen,

Our world is undergoing profound changes unseen in a century: the surging trend toward multi-polarity, economic globalization, IT application and cultural diversity, accelerated transformation of the global governance system and international order, rapid rise of emerging markets and developing countries, and greater balance in global power configuration. The well-being of people in all countries has never been so closely intertwined as it is today.

On the other hand, we also face challenges unseen before. Hegemony and power politics persist; protectionism and unilateralism are mounting; war, conflicts, terrorism, famine and epidemics continue to plague us; security challenges, both traditional and non-traditional, remain as complex and interwoven as ever.

However, we are firm in our conviction that peace and development remain the underlying trend of our times. Indeed, they are the call of the times. The international community should take our historical responsibility and respond to the call of our times with solidarity, vision, courage and a sense of mission.

— To respond to the call of the times, China takes it its mission to make new and even greater contribution to mankind. China will work with other countries to build a community with a shared future for mankind, forge partnerships across the world, enhance friendship and cooperation, and explore a new path of growing state-to-state relations based on mutual respect, fairness, justice and win-win cooperation. Our goal is to make the world a place of peace and stability and life happier and more fulfilling for all.

— To respond to the call of the times, China is ready to jointly promote the Belt and Road Initiative with international partners. We hope to create new drivers to power common development through this new platform of international cooperation; and we hope to turn it into a road of peace, prosperity, openness, green development and innovation and a road that brings together different civilizations.

— To respond to the call of the times, China will get actively involved in global governance and stay committed to the vision of consultation, cooperation and benefit for all in global governance. China has all along played its part in promoting world peace and development and upholding the international order. We call for increasing the representation and voice of developing countries in international affairs and support efforts to strengthen the South, a weak link in the global governance system, as well as efforts to create synergy in South-South cooperation. We will continue the efforts to make the global governance system better represent the will and interests of the majority of countries, especially developing countries.

— To respond to the call of the times, China will remain committed to opening-up. Facing uncertainty and unpredictability in global growth, China will continue to grow an open economy for win-win cooperation, and it will embrace an open world economy and the multilateral trading system and reject protectionism and unilateralism. No one who keeps himself in isolation on a single island will have a future.

Dear Colleagues,

Ladies and Gentlemen,

To quote a Chinese saying, “The ocean is vast because it rejects no rivers.” China, the world’s largest developing country, and Africa, the continent with the largest number of developing countries, have long formed a community with a shared future. Indeed, we share a common stake. China will work with Africa to achieve our shared goal of building a closer China-Africa community with a shared future and turn it into a pacesetter for building such a community for mankind.

First, let us build a China-Africa community with a shared future to assume our joint responsibility. We could increase political and policy dialogue at various levels, enhance mutual understanding and support on issues involving each other’s core interests and major concerns, and boost coordination on major international and regional issues. Such efforts will enable us to uphold the common interests of China and Africa as well as other developing countries.

Second, let us build a China-Africa community with a shared future that pursues win-win cooperation. We could both seize the opportunity created by the complementarity between our respective development strategies and the major opportunities presented by the Belt and Road Initiative. We need to see to it that the Belt and Road Initiative and the AU Agenda 2063, the UN 2030 Agenda for Sustainable Development and the development programs of African countries better complement each other. With these efforts, we could expand areas of cooperation, unlock new cooperation potential, consolidate our traditional areas of cooperation, and foster new highlights of cooperation in the new economy.

Third, let us build a China-Africa community with a shared future that delivers happiness for all of us. Making lives better for our people is what we aim to achieve in growing China-Africa relations; so we need to make sure our cooperation delivers real benefits to us both in China and in Africa. Mutual help and solidarity is what has defined China-Africa relations over the years. Going forward, China will do more to help Africa alleviate poverty, pursue development, increase employment and income, and better the lives of its people.

Fourth, let us build a China-Africa community with a shared future that enjoys cultural prosperity. Both China and Africa are proud of our splendid civilizations, and we are both ready to make greater contributions to promoting cultural diversity in the world. By enhancing exchanges, mutual learning and harmonious co-existence of our civilizations, we will inject lasting impetus into invigorating our civilizations and cultures, enriching our artistic creations, and provide rich cultural nourishment for China-Africa cooperation. With more people-to-people exchanges in culture and art, education, sports, and between our think tanks, the media, and women and young people, we will strengthen the bond between the people of China and Africa.

Fifth, let us build a China-Africa community with a shared future that enjoys common security. People that have gone through adversity value peace most. China champions a new vision of security featuring common, comprehensive, cooperative and sustainable security. We firmly support African countries and the African Union as well as other regional organizations in Africa in solving African issues in the African way, and we support the African initiative of “Silence the Guns in Africa”. China is ready to play a constructive role in promoting peace and stability in Africa and will support African countries to strengthen their independent capacity for safeguarding stability and peace.

Sixth, let us build a China-Africa community with a shared future that promotes harmony between man and nature. The Earth is the only place which we mankind call home. China will work with Africa to pursue green, low-carbon, circular and sustainable development and protect our lush mountains and lucid waters and all living beings on our planet. We will strengthen exchange and cooperation with Africa on climate change, clean energy, prevention and control of desertification and soil erosion, protection of wildlife and other areas of ecological and environmental preservation. Together, we could make China and Africa beautiful places for people to live in harmony with nature.

Dear Colleagues,

Ladies and Gentlemen,

Since the 2015 FOCAC Johannesburg Summit, China has fully implemented the ten cooperation plans adopted at the Summit. A large number of railway, highway, airport, port and other infrastructure projects as well as a number of economic and trade cooperation zones have been built or are under construction. Our cooperation on peace and security, science, education, culture, health, poverty reduction, and people-to-people interactions has deepened. The US$60 billion financing pledged by China has been either delivered or arranged. These ten cooperation plans have brought huge benefits to the African and Chinese peoples. They have fully demonstrated the creativity, rallying power and efficiency of China-Africa cooperation, and lifted China-Africa comprehensive strategic and cooperative partnership to new heights.

To build an even closer China-Africa community with a shared future in the new era, China will, on the basis of the ten cooperation plans already adopted, launch eight major initiatives in close collaboration with African countries in the next three years and beyond.

First, China will launch an industrial promotion initiative. We have decided to open a China-Africa economic and trade expo in China; we encourage Chinese companies to increase investment in Africa, and will build and upgrade a number of economic and trade cooperation zones in Africa. We will support Africa in achieving general food security by 2030, work with Africa to formulate and implement a program of action to promote China-Africa cooperation on agricultural modernization. We will implement 50 agricultural assistance programs, provide RMB 1 billion of emergency humanitarian food assistance to African countries affected by natural disasters, send 500 senior agriculture experts to Africa, and train young researchers in agri-science and entrepreneurs in agri-business. We will support Chinese companies in Africa to forge alliance of corporate social responsibilities. We will continue to strengthen cooperation with African countries in local currency settlement and make good use of the China-Africa Development Fund, the China-Africa Fund for Industrial Cooperation and the Special Loan for the Development of African SMEs.

Second, China will launch an infrastructure connectivity initiative. We have decided to jointly formulate a China-Africa infrastructure cooperation plan with the African Union. We will support Chinese companies in participating in Africa’s infrastructure development by way of investment-construction-operation or through other models, with focus on enhancing cooperation on energy, transport, information, telecommunications and cross-border water resources. We will work with Africa to undertake a number of key connectivity projects. We will support Africa in developing the Single African Air Transport Market and open more direct flights between China and Africa. We will facilitate bond issuance by African countries and their financial institutions in China. On the basis of following multilateral rules and procedures, we will support African countries in making better use of financing resources of the Asian Infrastructure Investment Bank, the New Development Bank, and the Silk Road Fund.

Third, China will launch a trade facilitation initiative. We have decided to increase imports, particularly non-resource products, from Africa. We support African countries in participating in the China International Import Expo. The least developed African countries participating in it will be exempted from paying exhibition stand fees. We will continue to strengthen exchanges and cooperation on market regulation and between customs authorities, and implement 50 trade facilitation programs for Africa. We will hold, on a regular basis, marketing activities for Chinese and African brand products. We support the building of the African Continental Free Trade Area and will continue to hold free trade negotiations with interested African countries and regions. And we will set up relevant mechanisms to promote e-commerce cooperation with Africa.

Fourth, we will launch a green development initiative. We have decided to undertake 50 projects for green development and ecological and environmental protection in Africa to expand exchanges and cooperation with Africa on climate change, ocean, desertification prevention and control, and wildlife protection. A China-Africa environmental cooperation center will be set up, and more policy dialogue and joint research on environmental issues will be conducted. The China-Africa Green Envoys Program will be implemented to strengthen Africa’s human capacity for environmental management, pollution prevention and control, and green development. A China-Africa bamboo center will be established to help Africa make bamboo and rattan products. China will also work with Africa to raise public awareness of environmental protection.

Fifth, we will launch a capacity building initiative. China will share more of its development practices with Africa and support cooperation with Africa on economic and social development planning. Ten Luban Workshops will be set up in Africa to provide vocational training for young Africans. China will support opening of a China-Africa innovation cooperation center to promote youth innovation and entrepreneurship. A tailor-made program will be carried out to train 1,000 high-caliber Africans. China will provide Africa with 50,000 government scholarships and 50,000 training opportunities for seminars and workshops, and will invite 2,000 young Africans to visit China for exchanges.

Sixth, we will launch a health care initiative. China has decided to upgrade 50 medical and health aid programs for Africa, particularly flagship projects such as the headquarters of the African Center for Disease Control and Prevention and China-Africa Friendship Hospitals. Exchange and information cooperation will be carried out on public health. Cooperation programs will be launched on the prevention and control of emerging and re-emerging communicable diseases, schistosomiasis, HIV/AIDS and malaria. China will train more medical specialists for Africa and continue to send medical teams that better meet Africa’s needs. More mobile medical services will be provided to patients for the treatment of cataract, heart disease and dental defects. And targeted health care services will be provided to women and children of vulnerable groups in Africa.

Seventh, we will launch a people-to-people exchange initiative. China decided to establish an institute of African studies to enhance exchanges with Africa on civilization. The China-Africa Joint Research and Exchange Plan will be upgraded. Fifty joint cultural, sports and tourism events will be organized. China welcomes Africa’s participation in the Silk Road International League of Theaters, the Silk Road International Museum Alliance and the Network of Silk Road Art Festivals. A China-Africa media cooperation network will be established. More African culture centers will be opened in China and more Chinese culture centers in Africa. Qualified African educational institutes are welcome to host Confucius Institutes. More African countries are welcome to become destinations for Chinese tour groups.

Eighth, we will launch a peace and security initiative. China decided to set up a China-Africa peace and security fund to boost our cooperation on peace, security, peacekeeping, and law and order. China will continue to provide military aid to the AU, and will support countries in the Sahel region and those bordering the Gulf of Aden and the Gulf of Guinea in upholding security and combating terrorism in their regions. A China-Africa peace and security forum will be established as a platform for conducting more exchanges in this area. Fifty security assistance programs will be launched to advance China-Africa cooperation under the Belt and Road Initiative, and in areas of law and order, UN peacekeeping missions, fighting piracy and combating terrorism.

To make sure that these eight initiatives are implemented on the ground, China will extend US$60 billion of financing to Africa in the form of government assistance as well as investment and financing by financial institutions and companies. This will include US$15 billion of grants, interest-free loans and concessional loans, US$20 billion of credit lines, the setting up of a US$10 billion special fund for development financing and a US$5 billion special fund for financing imports from Africa. We encourage Chinese companies to make at least US$10 billion of investment in Africa in the next three years. In addition, for those of Africa’s least developed countries, heavily indebted and poor countries, landlocked developing countries and small island developing countries that have diplomatic relations with China, the debt they have incurred in the form of interest-free Chinese government loans due to mature by the end of 2018 will be exempted.

Dear Colleagues,

Ladies and Gentlemen,

The future of China-Africa relations lies in our young people. Many of the measures in the eight initiatives I just outlined are designed to help young people in Africa. These measures will provide young Africans with more training and job opportunities and open up more space for their development. Last October, I wrote back to the exchange students of the Institute of South-South Cooperation and Development. Most of them were from Africa. I encouraged them to make the best of what they have learned, aim high, and keep working hard to promote China-Africa cooperation and South-South cooperation. I believe they have new roles to play and new accomplishments to make in this regard.

“The red rising sun will light up the road ahead.” I am confident that the baton of China-Africa friendship will be passed from one generation to the next and that China and Africa, working together, will build an even more vibrant community with a shared future. The day will surely come when the Chinese nation realizes its dream of national renewal and Africa realizes its dream of unity and invigoration!

Thank you.”

Author

Ike Obudulu

Ike Obudulu

Versatile Certified Fraud Examiner, Chartered Accountant, Certified Internal Auditor with an MBA in Finance And Investments who has both worked for and consulted with some of the world's largest companies on main street and wall street in over 20 countries, Ike brings his extensive reporting and investigations experience to bear on his role as Chief Editor.
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