Beijing, 9 September 2024 (TDI): Experts claim that President Xi Jinping’s promise to collaborate with Africa in executing the 10-point cooperation action plan to promote modernization has renewed China’s commitment to the continent.
On Thursday, during the Forum on China-Africa Cooperation’s 2024 Summit in Beijing, Xi made the commitment in his keynote speech.
The experts added that China was portrayed in the speech as a dependable economic partner for the region.
Africans are facing difficult circumstances, but the speech offers promise, according to Shakeel Ahmad Ramay, CEO of the Asian Institute of Eco-civilization Research and Development in Pakistan.
He claimed that in addition to address healthcare issues, President Xi’s proposal will help Africa build a peaceful, successful, and progressive civilization.
Ahmad remarked that China is prepared to support Africa with real programs and financial resources that come with no caveats or lectures.
He went on to say that all African countries are taken into consideration and respected in the partnership since the action plan for the partnership is inclusive and respects diversity in terms of governance systems, cultures, and preferences.
Over the next three years, China committed 360 billion yuan ($50.7 billion) in financial support to Africa, exceeding the amount committed at the 2021 FOCAC Summit. According to Vines, the rise is encouraging for the continent.
Former German state of Hessen director-general for international affairs Michael Borchmann expressed his admiration for President Xi’s statement that “The friendship that exists between China and Africa is enduring, spanning generations and overcoming obstacles like mountains and oceans.”
“There are many examples of close and fruitful cooperation, including under the framework of the Belt and Road Initiative,” Borchmann said, citing instances of African countries assisting the People’s Republic of China in regaining its legitimate seat in the UN in the early 1970s and China assisting in the construction of the Tanzania-Zambia Railway.
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China focuses on mutually beneficial cooperation with Africa, importing natural resources from the continent and exporting processed goods back, according to Deniz Istikbal, an economics researcher at the Foundation for Political, Economic and Social Research in Turkiye.
With more than $40 billion in direct investments made in Africa by the end of last year, China has emerged as the continent’s biggest trading and investment partner, according to Istikbal.
According to him, the growth of economic connections is reflected in the $282 billion in trade volume that occurred between China and Africa in 2023.
Istikbal said, China provides a substantial alternative to Western financial institutions and is essential in helping to finance the continent’s economic needs.
