The Korea Times close
National
  • Politics
  • Diplomacy
  • Defense
  • Labor & Environment
  • Law & Crime
  • Health & Welfare
  • Embassy
  • Seoul & Provinces
  • Education
  • Foreign Communities
  • Obituaries
Biz & Tech
  • Auto
  • IT
  • Game
  • Manufacturing
  • Retail & Food
  • Energy
  • Construction
  • Airlines
Finance
  • Policies
  • Economy
  • Markets
  • Banks
  • Non-banks
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
Lifestyle
  • Arts
  • Books
  • Travel & Cuisine
  • Trend
  • Fashion
  • Around Town
  • Fortune Telling
Entertainment
  • K-pop
  • K-dramas & Shows
  • Movies
  • Music
  • Performances
  • Asia Model Festival
Sports
  • Football
  • Golf
  • Baseball
  • Other Sports
World
  • Asia Pacific
  • Americas
  • Europe & Africa
  • SCMP
Video
  • On the Spot
  • Feature
  • News
Photos
  • Photo News
  • Darkroom
Community
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
World
  • Asia Pacific
  • Americas
  • Europe & Africa
  • SCMP
Mon, March 8, 2021 | 03:49
SCMP
China-Africa relations: Beijing says it will help pay for world's largest free-trade zone
Posted : 2020-11-14 11:09
Updated : 2020-11-14 20:28
Mail
Print Preview
Font Size Up
Font Size Down
A handout photo made available by Russian Foreign Affairs Ministry shows Chinese Foreign Minister Wang Yi during a joint news conference with Russian Foreign Minister Sergei Lavrov following their talks in Moscow, Russia, 11 September 2020. EPA-Yonhap
A handout photo made available by Russian Foreign Affairs Ministry shows Chinese Foreign Minister Wang Yi during a joint news conference with Russian Foreign Minister Sergei Lavrov following their talks in Moscow, Russia, 11 September 2020. EPA-Yonhap

A handout photo made available by Russian Foreign Affairs Ministry shows Chinese Foreign Minister Wang Yi during a joint news conference with Russian Foreign Minister Sergei Lavrov following their talks in Moscow, Russia, 11 September 2020. EPA-Yonhap
China has announced that it will help to finance the development of an Africa-wide free-trade area, which on completion will be the world's largest, spanning 55 nations with a combined GDP of US$3.4 trillion and about 1.3 billion consumers.

Speaking at an event to mark the 20th anniversary of the Forum on China-Africa Cooperation (FOCAC), Thursday, Chinese Foreign Minister Wang Yi said Beijing welcomed the development of the African Continental Free-Trade Area (AfCFTA) and "will provide cash assistance and capacity-building training to its secretariat."

China would also continue to invest in infrastructure and industrial projects in Africa via its Belt and Road Initiative, and open up its market of 1.4 billion consumers to African products, he told the more than 150 guests, including several African ambassadors to China, who attended the event in Beijing.

China and Africa needed to deepen free-trade cooperation and improve the connectivity of industrial and supply chains so that "Africa can better access the vast China market and join the international economic circulation," Wang said.

The free-trade area, which has its headquarters in the Ghanaian capital Accra, is expected to come into effect next year, after being delayed by the COVID-19 pandemic. All but one of the 55 members of the African Union ― Eritrea ― have signed the deal, while 30 have also ratified it.

David Shinn, a professor at George Washington University's Elliott School of International Affairs and a former American diplomat, said China's apparent commitment to the AfCFTA was a positive development, but the devil was in the details.

"What exactly will China offer to support AfCFTA and how does it compare to what other countries may provide?" he said.

While China's foreign direct investment (FDI) in Africa was both important and growing, it was still relatively modest, Shinn noted.

"China's total FDI stock in Africa pales in comparison to that of the European Union and is even less than the investment stock of the United States," he said.

Chinese FDI in Africa was US$49.1 billion last year, according to Wang.

The country is, however, Africa's largest trading partner, with two-way trade hitting US$208.7 billion in 2019, according to official figures from Beijing.

Chinese firms have also built dozens of economic cooperation zones and industrial estates across Africa, Wang said.

Since the creation of the FOCAC, China had helped build and finance more than 6,000km (3,700 miles) of railways, a similar amount of roads, nearly 20 ports, more than 80 large-scale power plants, 130-plus medical facilities, 45 stadiums and about 170 schools, Wang said.

Beijing is also funding the construction of the new Africa Centres for Disease Control and Prevention headquarters in Addis Ababa, Ethiopia.

According to figures from the China Africa Research Initiative at the Johns Hopkins School of Advanced International Studies in Washington, Beijing advanced US$148 billion worth of loans to Africa between 2000 and 2018.

At the 2018 FOCAC summit, Chinese President Xi Jinping pledged US$60 billion in financial aid and loans to the continent. But since then, Beijing has come under heavy fire from the United States and several European countries that have accused it of engaging in "debt trap diplomacy."











 
 
  • Korean security officer fired over incident with Indonesian factory workers
  • Who wants to be a cryptomillionaire?
  • Seoul's leniency on Pyongyang worries some in international community
  • Wary tale about the use of straw
  • Finance minister pledges unwavering push for housing supply plan
  • Waste management companies grow more attractive to private equity funds
  • [INTERVIEW] Ruling party's Seoul mayoral candidate vows to make city global economic hub
  • New virus cases above 400 for 2nd day
  • Market Kurly under fire for blacklisting staff
  • POSCO's Argentine lithium lake valuation backfires
  • 'Mr. Queen' star Na In-woo to replace Ji Soo in 'River Where the Moon Rises' after bullying scandal 'Mr. Queen' star Na In-woo to replace Ji Soo in 'River Where the Moon Rises' after bullying scandal
  • In new film 'Fighter,' North Korean defector finds hope and meaning through boxing In new film 'Fighter,' North Korean defector finds hope and meaning through boxing
  • 'Penthouse 2' ratings soar to new high 'Penthouse 2' ratings soar to new high
  • March set to be star-studded month March set to be star-studded month
  • Psy's 'Gangnam Style' becomes first K-pop song to hit 4 billion views on YouTube Psy's 'Gangnam Style' becomes first K-pop song to hit 4 billion views on YouTube
DARKROOM
  • Bloody Sunday in Myanmar

    Bloody Sunday in Myanmar

  • Earth is suffering

    Earth is suffering

  • NASA's Perseverance rover is landing on Mars

    NASA's Perseverance rover is landing on Mars

  • Fun in the snow, sledding for everyone

    Fun in the snow, sledding for everyone

  • Our children deserve better: Part 3

    Our children deserve better: Part 3

  • About Korea Times
  • CEO Message
  • Times History
  • Content Sales
  • Media Kit
  • Contact Us
  • Location
  • Privacy Statement
  • Terms of Service
  • Mobile Service
  • RSS Service
  • 고충처리인
  • hankookilbo
  • Dongwha Group
  • Code of Ethics
Copyright