Chinese trade with Africa in 2000 stood at $10.5 billion, little more than a quarter of US trade with the continent, which was at $38.6 billion. Thus, in 2000, 50 African countries had diplomatic relations with China, which means that they were eligible for Chinese economic benefits provided via FOCAC. At that first meeting, China canceled debts amounting to $1.2 billion for 31 African countries and set up a special fund to encourage Chinese companies to invest in Africa. “Now Africa has only one country with which we have not yet established [relations],” Chinese Foreign Minister Wang Yi said. Given such a record, it is difficult not to agree that Africa is a Chinese success story.

Source: Manila Times June 04, 2018 16:45 UTC