The third China-Africa Economic and Trade Expo kicked off on Thursday in #Changsha, central China's Hunan Province, with the theme of "Common Development for a Shared Future."
African countries are active and important participants in the #China-proposed #BeltandRoadInitiative (BRI). Among the 53 African countries that have established diplomatic relations with China, 52, plus the #AfricanUnionCommission, have signed #BRI cooperation documents with China, and cooperation projects on #roads, #electricity, #communications and #ports have spread across #Africa, enhancing their capacity for autonomous, sustainable #development.
The 10th anniversary of the BRI will be celebrated in 2023. Over the past decade, China-Africa economic and #trade cooperation has yielded fruitful results in trade, direct investment and infrastructure.
The total trade between China and African countries has surpassed $2 trillion in the past decade, and China has remained the largest trading partner for the continent since 2009. Trade between China and Africa stood at $282 billion in 2022, up 11 percent.
As part of China's plan to increase its trade with African countries to $300 billion by 2025, the Chinese government has enacted a policy that covers almost 8,800 kinds of products, including #clothes and #footwear, #agricultural goods and #chemical products.
China also waived tariffs on 98 percent of taxable #imports from nine countries in Africa on December 1, 2022.
Over the past decade, China's total direct investment in African countries has exceeded $30 billion, making China the fourth-largest source of investment in Africa.
In 2022, China's new direct investment in African countries was $3.4 billion, and there were more than 3,000 Chinese companies investing in the #continent.
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