Business

China-Africa trade 'to top $100bn'

4 October 2010

Beijing says its trade with Africa is on track to top US$100-billion this year as it benefits from investments in mines, farms and factories on the continent, Chinese state media reported on Sunday.

Trade between China and Africa jumped 65% year-on-year in the first half to $61.2-billion, China's Ministry of Commerce said, according to official news agency Xinhua.

China-Africa trade fell to $91.1-billion in 2009, down 14.7% from $106.8-billion in 2008, the report said.

More than 1 600 Chinese businesses are investing in Africa in the mining, processing, commerce, agriculture, construction and manufacturing sectors, the report said, citing the ministry.

Beijing ceased levying tariffs on 60% of imports from the 26 least developed African nations in July, the report said.

Sapa



	South African President Jacob Zuma and Chinese President Hu Jintao shake hands after signing the Beijing Declaration on the establishment of a comprehensive strategic partnership between SA and China, Beijing, 24 August 2010 (Photo: GCIS)