Chinese President Xi Jinping has unveiled an ambitious plan to strengthen China-Africa relations at the 2024 Forum on China-Africa Cooperation (FOCAC) in Beijing. Xi announced a comprehensive package of financial support, infrastructure projects, and strategic partnerships, pledging approximately $50 billion in financing over the next three years.The financial package includes 210 billion yuan ($29.5 billion) in credit lines, 80 billion yuan ($11.2 billion) in various forms of aid, and 70 billion yuan ($9.8 billion) in investments through Chinese companies. Xi also promised to help create at least one million jobs in Africa.In a significant diplomatic move, Xi proposed elevating China’s relations with all African countries that have diplomatic ties to a strategic level. He emphasized the need for unity, stating, ‘China and Africa must remain united and defend their legitimate rights at a time when the world is undergoing unprecedented changes’.The package includes plans for 30 infrastructure connectivity projects, 24 digital model projects, and initiatives in green energy and nuclear power. Xi also announced the elimination of tariffs on products from 33 of Africa’s least developed countries, aiming to boost trade.Additionally, Xi pledged 1 billion yuan ($140 million) in military aid and promised to train 6,000 military personnel from African countries. He also announced plans for joint military exercises and the deployment of medical personnel to Africa.While the summit has been largely positive, with African leaders securing deals for greater cooperation in various sectors, some analysts have noted a reduction in Chinese loans to African countries in recent years. This has been attributed to China’s current economic slowdown and concerns about debt levels in some African nations.The Forum, which concludes on Friday, has been hailed as a significant step in China-Africa relations, with UN Secretary-General Antonio Guterres praising China’s development record and its potential to share expertise with African nations.
Key points
- Xi Jinping pledged approximately $50 billion in financing for Africa over the next three years.
- China proposed elevating relations with all African countries to a strategic level.
- The package includes plans for infrastructure, digital, and green energy projects, as well as job creation initiatives.
- China announced the elimination of tariffs on products from 33 of Africa’s least developed countries.
- Some analysts note a reduction in Chinese loans to African countries in recent years due to economic factors.
Contradictions👾While Xi Jinping announced significant financial support for Africa, some reports indicate a reduction in Chinese loans to African countries in recent years, from $30 billion in 2016 to $5 billion last year.
