China-Africa trade expected to hit $300 billion in 2015
Updated: 2013-11-29 16:57
By Li Jiabao (chinadaily.com.cn)
Bilateral trade between China and Africa has expansion potential and is likely to exceed $300 billion in 2015, Cheng Zhigang, secretary-general of the China-Africa Industrial Cooperation and Development Forum, said during the Third China-Africa Industrial Forum held in Beijing from Thursday to Friday.
Jin Yongjian, former under-secretary-general of the United Nations, said that China will increase its investment in education, agriculture and sports in Africa along with diversified trade. China will also participate in Africa's integration to enhance the level of China-Africa economic ties.
Bilateral trade between China and Africa is expected to hit $200 billion in 2013, vice-commerce minister Li Jinzao said recently at a conference.
From January to September, two-way trade passed $156 billion and China's direct investment in Africa reached $2.3 billion, up 80 percent year-on-year. The value of new contracts signed by Chinese companies in Africa hit $43 billion, up more than 40 percent year-on-year.
China is Africa's largest trade partner and Africa is the second-largest market for China's contracted projects overseas and an emerging destination for China's overseas investment. Bilateral trade rose 19.3 percent year-on-year to $198.49 billion in 2012, according to the Ministry of Commerce.