China and African countries have developed closer economic and trade ties with increasing trade volume, diversified commodities and services on both sides, the latest data showed.
Trade between China and Africa rose 5.5 percent year on year to 1.19 trillion yuan (about $166.6 billion) between January and July, data from China’s General Administration of Customs (GAC) showed.
Trade in intermediate goods between China and Africa accounts for 68 percent of the total value of bilateral trade, helping Africa in its process of industrialization and economic diversification efforts, said Lyu Daliang, an official with the GAC.
Sang Baichuan, dean of the Institute of International Economy at the University of International Business and Economics, said that the China-Africa trade has grown rapidly as a result of mutually beneficial and win-win cooperation.
“It not only demonstrates the remarkable achievements of China’s high-quality economic development, but also plays a significant role in promoting Africa’s social development and improving local people’s living standards,” said Sang.
“China and Africa economies are highly complementary,” Sang noted, adding that China possesses mature and applicable technologies, equipment, and sufficient capital, while African countries have significant advantages in terms of manpower and natural resources. https://news.cgtn.com/news/2024-08-14/China-Africa-embrace-closer-economic-trade-ties-1w4ba9WZqCc/p.html
