China summits foster closer partnerships with African nations
China and Africa are set to strengthen their economic and trade ties, bolstering industrial integration and fostering cooperation in emerging sectors, according to Premier Li Qiang.
In a speech at the opening of the recent Conference of Chinese and African Entrepreneurs, held in Beijing, Li said entrepreneurs have also been called on to channel more investment toward boosting economic development and meeting urgent societal needs.
The premier said that economic and trade cooperation between China and Africa was “a cornerstone of their partnership, yielding fruitful outcomes in recent years and providing robust support for the joint advancement toward modernization of both sides”.
And he pledged that China will expand unilateral market access to least developed countries and widen the green channel for African agricultural exports to China.
Furthermore, he said China will begin the process of negotiating and signing of framework agreements on jointly developing economic partnerships, in an effort to better drive trade and investment, the premier said.
Li said that “China stands ready to deepen cooperation along the industrial chains with Africa, aiming to integrate the two regions more deeply into the global industrial and supply chains”.
Other sectors where China is keen to strengthen collaboration with Africa include the digital economy, artificial intelligence and energy.
Meanwhile, at the 2024 Summit of the Forum on China-Africa Cooperation, African officials and business executives said that the initiatives outlined at the event would accelerate the modernization of African countries’ economies.
David Karl Ferreira, CEO of Vitality China under Discovery Ltd — a South Africa-based financial services provider — said that the company has benefited greatly from China’s further opening-up of the financial sector in recent years and the country’s huge market.
“With its vast consumer base, promising growth potential and innovative prowess, China has emerged as a magnet for South African enterprises seeking to expand their footprint and capitalize on the country’s economic dynamism,” Ferreira said.
At the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC), which took place at the end of August, delegates said China’s new partnerships to enhancing supply chain cooperation, foreign trade and connectivity with Africa will improve the continent’s job market.
At the event, also held in Beijing, China unveiled 10 partnership actions for modernization to deepen China-Africa cooperation over the next three years. The country will offer all least-developed countries that have diplomatic relations with China, including 33 countries in Africa, zero-tariff treatment for 100% of tariff lines, according to the Ministry of Foreign Affairs.
The ministry also confirmed that China is ready to carry out 30 infrastructure connectivity projects in Africa. It will also expand market access for African agricultural products, and deepen cooperation with Africa in e-commerce and other areas.
These initiatives aim to boost industrial capacity, foster sustainable growth and deepen trade relations between the two sides.
“Both favourable tariff policies and transportation infrastructure projects can lead to job creation in construction, manufacturing, logistics and related sectors,” said Chen Fengying, a researcher at the China Institute of Contemporary International Relations. “It will make it easier for African goods to enter both Chinese and international markets, boosting exports and generating more revenue for local businesses and economies.”
Innovation helping global sustainability efforts
Innovation and global efforts are playing an increasingly important role in achieving the world’s green goals, according to Lu Yuebing, chairman of the Multinational Corporation Carbon Neutrality Council (MNC50).
“The path to green and carbon neutrality must be hinged upon innovation in many sectors, such as technology, policy and finance, including international cooperation. We are willing to share the best practices of multinational companies and deepen cooperation with Chinese enterprises and local governments to jointly promote China’s decarbonization goals and the green transition of industries,” Lu said.
The remarks were made during the China-Europe (Qingdao) Forum on Green and Sustainable Development.
At the forum, delegates discussed current trends and strategic recommendations for domestic and international industrial development in the context of global climate change and sustainable development.
Topics included China-Europe green cooperation, the development of new quality productive forces, green finance under China’s dual-carbon goals, and innovation in the new energy sector.
MNC50 was founded in Beijing in 2021 by senior executives from more than 50 leading multinational companies in China. Over 100 Fortune Global 500 companies have joined MNC50 as its members.