China’s Hunan Province has announced an 11-point policy package targeting supply chain integration, logistics and financial support to promote high-quality development of the national pilot zone to deepen China-Africa economic and trade cooperation.
Released jointly on February 14 by the province’s commerce and finance departments, the policy package aims to improve the trade facilitation system, promote high-quality trade and investment, improve financial services, and strengthen economic and trade exchanges between China and Africa. China’s trade with Africa reached 2.1 trillion yuan (about 293 billion US dollars) in 2024, up 6.1% year-on-year. Almost half of African countries recorded double-digit annual growth in their trade volumes with China. Hunan Province strengthened its ties with Africa through expanding trade ties.
China’s State Council approved the overall plan to establish an in-depth pilot zone for China-Africa economic and trade cooperation. The plan aims to establish an opening-up and cooperation platform with a certain international influence by 2027. The new policy package focuses on five key elements, including strengthening China-Africa industrial and supply chain integration, building self-sufficient logistics systems, ensuring stable supply of key resources, increasing financial support and establishing long-term cooperation mechanisms. Prominent measures include supporting testing laboratories and public warehouses in Africa, encouraging imports from Africa, promoting industrial capacity cooperation, and establishing a special China-Africa trade cooperation fund. Also highlighted are the development of new forms of barter trade with Africa and the creation of special financial products to help enterprises expand their operations in Africa.
