The Chinese-African leaders summit, FOCAC, ended in Beijing Tuesday with a Comprehensive Declaration and an Action Plan. This followed the $60 billion Chinese pledge to finance African development for the next 3 years.
Both the declaration and Action-plan backed by $60 billion, are aimed at actualising the summit’s theme of a shared future. The leaders envisaged the acceleration of industrial and infrastructural development, the acquisition of modern skills and a further boost to the Belt and Road Initiative (BRI).
To dispel any idea that China may be promoting indebtedness on the African continent, President Xi promised debt relief for poor African Countries. But the Chinese were quick to stress that Chinese aid is not the major component of the debts of African nations.
An important highlight of the summit was it’s reaffirmation of support for a stable rule-based international system, promoting multi-lateralism and not unilateralism.
Another highlight was the elevation of Senegal’s President to co-chair of the summit bringing to the forefront francophone Africa’s representation.
Such was the mood of optimism at the closing session that there was talk of a golden-age of Chinese-African cooperation.
At the sideline of the conference was a 2000 person-strong entrpreneurs conference, in which African businessmen sought to expand exports to China. Our correspondent writes: “China is now the biggest trading partner of Africa with bilateral trade volume exceeding $110 billion.
There was a $50 billion Chinese commitment to African finance in 2015. This 2018 commitment of $60 billion would bring total chinese investments in Africa by 2021 to$110 billion.”
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The closing joint press conference of President Xi and South Africa’s Ramaphosa further elaborated on the theme of a shared future and the win-win nature of Chinese-African cooperation.