China-African trade volume rises to US$282.1 billion

Trade turnover between China and African countries increased by nearly 11 per cent in 2023 compared to 2021, reaching US$282.1 billion, an official from China's Ministry of Commerce said at a press conference in Beijing. This is reported nay CCTV+, a partner of TV BRICS.

By the end of 2023, China's direct investment in Africa totalled more than US$40 billion, making it one of the largest investors on the continent. Over the past three years, Chinese companies have created more than 1.1 million jobs in Africa, contributing significantly to tax revenues and export earnings.

Shen Xiang, director of the West Asia and Africa Department under the Ministry of Commerce, emphasised that Chinese financial institutions and companies conduct investment and financial cooperation with African countries based on market principles and international rules, respecting their will and needs. China has never imposed political conditions, which are highly valued by African countries.

The Chinese government always bases its cooperation with African countries on the principles of sincerity, mutual benefit, respect, and good faith, actively participating in Africa's debt relief through multilateral and bilateral channels. Under the G20 Debt Service Suspension Initiative, China actively participates in individual debt resolution for Zambia and other countries, promoting debt suspension agreements.

China has remained Africa's largest trading partner for 15 years.

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