Museveni in Beijing for China-Africa meeting

Cyril Ramaphosa

Cyril Ramaphosa

The president was speaking at the Forum on China Africa Trade relations in Beijing on Monday afternoon. "Resources for our cooperation are not to be spent on any vanity projects, but in places where they count the most".

Jeremy Stevens, global economist for the Standard Bank Group, said many felt it would not be "politically appropriate" to pledge huge loans given concern that Africa is becoming overloaded with Chinese debt.

NAIJ.com gathered that the summit which is themed Towards an even Stronger China-Africa Community with a shared Future is scheduled to hold between September 3 and 4.

It is expected that the summit will adopt the new Beijing Action Plan (2019 to 2021), which will chart a new course of China-Africa friendship and mutually beneficial cooperation across various fields in the next three years.

In his address earlier, Xi said China had committed to investing another $60bn in Africa over the next three years, following the successful implementation of a similar commitment since 2015, when South Africa hosted FOCAC in Johannesburg.

He highlighted the Liberian government's firm position on the One-China Policy, and said his government is willing to increase exchanges at all levels, emphasizing that the two countries should continue to show mutual understanding and support each other on issues involving their respective core interests and major concerns.

President Cyril Ramaphosa has called on the Chinese communist party to work more closely with the ANC.

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Africa is growing in strategic importance for China, with the People's Liberation Army opening its first overseas naval base in Djibouti a year ago.

The government and the Bank of China have entered into a trade agreement that will see the Chinese making investments to the tune of $1.1-billion (R15-billion) in special economic zones and industrial parks in South Africa. "There are many valuables lessons that Africa can learn from china's impressive growth model, particularly in using its capacity and natural resources as a catalyst for growth".

China is all set to showcase its growing influence in Africa at the next Monday's China-Africa summit to be attended by a number of African leaders where President Xi Jinping is expected to announce new projects under the Belt and Road Initiative (BRI).

Trade between Africa and China in 2014 was at $220 billion.

So far, almost 10 African countries have signed Belt and Road cooperation agreements with China, and a few more are in negotiations.

Chinese state media has been aggressively explaining why such investment is good for the continent - and positioning Xi as the champion of the African people. "What we value is the sharing of development experience and the support we can offer to Africa's national rejuvenation and prosperity", Xi said.

Take Sri Lanka, which last year had no choice but to grant China a 99-year lease for a Belt and Road Initiative port, after it failed to attract enough business to make its loan payments. Aside from Mauritius, no other African country has an Free Trade Agreement with China.

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