The China-Africa Trade Volume Is Expected to exceed 150 billion US Dollars in 2011

It is know that from the 2nd session of 2011 China Africa Industrial Forum that this year the china-africa trade volume is expected to exceed 150 billion us dollars.

According to the 2nd session of the 2011 China Africa Industrial Forum was opened in Beijing, this year the China-Africa trade volume is expected to exceed 150 billion us dollars.

According to Cheng Zhigang, secretary-general of the China Africa Industrial Forum, in recent years China-Africa Trade experienced a rapid development. The Inexpensive yet high-quality Chinese products are well suited to the consumption level on the African market , while the crude oil, timber, iron ore and other energy and mineral products  imports from Africa meet the demand in the related Chinese industries. Besides, coffee , diamonds, unique handicrafts and other products with Africa characteristic are also welcomed by Chinese consumers.

Wang Chengan, Executive Vice President of Chinese Society of African Affairs said that in 2000 China-Africa trade volume reached $ 10.6 billion and in 2010 reached $ 126.9 billion. From January to September this year, China-Africa trade volume reached $ 120 billion, and the whole years’ total trade volume is expected to reach150-160billion US dollars. In the coming 3-5 years, China-Africa trade volume is expected to exceed $ 300 billion.

According to Cheng Zhigang, at present the total volume of the China-Africa trade remains relatively small. The China-Africa trade takes up a fairly low percentage in China’s foreign trade. In 2010, China’s exports to Africa accounted for only 3.79% of the total exports volume, similarly, China’s imports from Africa accounts for only 4.56% of the total. In the first half of 2011, the export and import with Africa took up 3.72% and 4.69% of the total respectively, with little difference between the proportions in 2010. In the time to come, China should further economic and trade cooperation with African countries, expanding the overall size of China-Africa trade.

Cheng Zhigang said that Africa boasts a vast territory, abundant resources, nearly one billion populations with a high proportion of young people, and the number is growing rapidly. In addition to further the cooperation in energy and mineral industries, China and Africa should strive to expand bilateral cooperation, such as cooperation in agriculture, manufacturing industry, financial and human resources.

Cheng suggest that China should endeavor to improve and the trade contacts and maintain trade balance with African countries, increase the categories of import products and expand the total scale of trade, open the Chinese market wider to accommodate the African products and give duty-free treatment to products of the LDS in Africa that have established diplomatic relations with China, and gradually expand the beneficiary countries and commodities varieties. Meanwhile, Chinese enterprises should be encouraged to invest in Africa, cultivate African customs, religion, history, and foster more enterprise and talents that know Africa inside out.

It is understood that during the forum a Sino-African cooperation projects enterprises matchmaking conference will be held, where More than more than 150 investment projects from over 40 African countries and more than 200 trade purchase orders will seek cooperators, and the trade volume is expected to reach $ 5 billion.

2nd session of 2011 China Africa Industrial Forum is jointly held by the Organizing Committee of the China Africa Industrial Forum and China -Africa Cooperation Association. More than 500 officials of relevant international organizations, representatives of foreign institutions within China, representatives of African and Chinese entrepreneurs, and Africa experts have attended the forum.

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