News Content
President Xi's Africa tour accents more trade, aid, military assistance
CHINA's President Xi Jinping's five-day trip to Africa comes as the continent suffers more than anywhere else from China's slowing economic growth and the fall in value of the commodities it exports.
Trade between the two slumped 18 per cent in the first nine months of 2015 from a year earlier, reports Bloomberg, adding that it was the largest decline inChina's trade with the continent.
President Xi arrived in Zimbabwe, where he met President Robert Mugabe, before travelling to South Africa to co-chair a two-day summit in Johannesburg between China and African nations. He also will meet South Africa President Jacob Zuma.
The quantity of products including crude oil, manganese, copper, cobalt ore and other energy and resource products that China imports from Africa hasn't declined, he said. Sino-Africa imports and exports totaled US$222 billion last year.
The Congo, Angola and Mauritania are most exposed to China's slowdown because almost half of their exports go there. Oil accounts for the bulk of exports from the Congo and Angola, while iron ore makes up more than 40 per cent of Mauritania's exports.
On the bright side, oranges imported from Africa surged 309 per cent, South African wine shipments jumped 84 per cent and coffee from Kenya rose 30 per cent in the first nine months.
China's exports to Africa have done better. Africa has become China's second-biggest overseas market for contracted engineering services.
China also plans to expand investment. The stock of China's direct investment in Africa reached US$32.4 billion at the end of last year after growing at an annual rate of 30 per cent for the last 15 years.
China has pledged $100 million of military aid for the African Union, and has sent an infantry battalion to support peacekeeping in South Sudan and deployed frigates to fight piracy off the Somali coast.
China is considering building its first overseas naval base in Djibouti. Wikipedia notes that Djibouti is also the home of Camp Lemonnier, a US Naval Expeditionary Base, manned by US Marines US Navy personnel. It is the only permanent US military base in Africa.
Trade between the two slumped 18 per cent in the first nine months of 2015 from a year earlier, reports Bloomberg, adding that it was the largest decline inChina's trade with the continent.
President Xi arrived in Zimbabwe, where he met President Robert Mugabe, before travelling to South Africa to co-chair a two-day summit in Johannesburg between China and African nations. He also will meet South Africa President Jacob Zuma.
The quantity of products including crude oil, manganese, copper, cobalt ore and other energy and resource products that China imports from Africa hasn't declined, he said. Sino-Africa imports and exports totaled US$222 billion last year.
The Congo, Angola and Mauritania are most exposed to China's slowdown because almost half of their exports go there. Oil accounts for the bulk of exports from the Congo and Angola, while iron ore makes up more than 40 per cent of Mauritania's exports.
On the bright side, oranges imported from Africa surged 309 per cent, South African wine shipments jumped 84 per cent and coffee from Kenya rose 30 per cent in the first nine months.
China's exports to Africa have done better. Africa has become China's second-biggest overseas market for contracted engineering services.
China also plans to expand investment. The stock of China's direct investment in Africa reached US$32.4 billion at the end of last year after growing at an annual rate of 30 per cent for the last 15 years.
China has pledged $100 million of military aid for the African Union, and has sent an infantry battalion to support peacekeeping in South Sudan and deployed frigates to fight piracy off the Somali coast.
China is considering building its first overseas naval base in Djibouti. Wikipedia notes that Djibouti is also the home of Camp Lemonnier, a US Naval Expeditionary Base, manned by US Marines US Navy personnel. It is the only permanent US military base in Africa.
Latest News
- For the first time, tianjin Port realized the whole process of dock operati...
- From January to August, piracy incidents in Asia increased by 38%!The situa...
- Quasi-conference TSA closes as role redundant in mega merger world
- Singapore says TPP, born again as CPTPP, is now headed for adoption
- Antwerp posts 5th record year with boxes up 4.3pc to 10 million TEU
- Savannah lifts record 4 million TEU in '17 as it deepens port
