China: Trade with Africa expected to reach US$100 billion before 2010

15 November 2007

Beijing, China, 15 Nov – Trade between China and Africa is expected to reach US$100 billion before 2010, a date put forward by Chinese prime minister, Wen Jiabao, the official Chinese press reported Wednesday.

According to the Chinese deputy trade minister, Wei Jianguo, bilateral trade between China and Africa reached US$52.3 billion in the first nine months of 2007 and will exceed US$70 billion by the end of 2008.

China’s political target in its economic relations with Africa is to reach US$100 billion in trade by 2010.

Chinese-African trade rose from US$10 billion in 2000, to US$40 billion in 2005 and to US$55.5 billion last year, the deputy minister said.

In November last year, at the summit of the China-Africa Cooperation Forum, China’s president, Hu Jintao, promised eight measures to boost what he called the “sino-Africa partnership,” including greater openness of the Chinese market to African products and construction of a maximum of five areas of economic cooperation in Africa. (macauhub)