China Market

China-Africa trade to hit record high in 2011

China-Africa trade volume rose 30 percent from a year earlier to 122.2 billion U.S. dollars during the first three quarters of 2011, which is only a few billion shy of the 126.9 billion U.S. dollars in total trade for all of last year, Shen Danyang, a spokesperson for China's Ministry of Commerce, said at a routine press conference. China-Africa trade volume is likely to hit a record high in 2011.

"China has become Africa's largest trading partner, with bilateral trade growing 28 percent per year from 2001 to 2010," Shen said.

China invested nearly 1.1 billion U.S. dollars in non-financial sectors in Africa during the first three quarters of 2011, up 87 percent from a year earlier. Overall, China's Africa-bound investment has maintained substantial growth momentum.

"China-Africa cooperation in various sectors, including financial services, telecommunications, tourism, and aviation, has shown great growth momentum," Shen said.

Many Chinese financial institutions have expanded into Africa, and many airlines on both sides have opened direct flights between China and Africa. Furthermore, bilateral cooperation in infrastructure construction is also well underway.

As of the end of 2010, the value of construction contracts completed by Chinese enterprises in Africa totaled 132.5 billion U.S. dollars, accounting for 30 percent of the accumulated value of completed contracts for China's foreign contracted projects. During the first three quarters of the year, Chinese enterprises signed contracts totaling 25.2 billion U.S. dollars in Africa, with the accomplished turnover standing at 23.7 billion U.S. dollars.