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Home >> Business
UPDATED: 08:36, January 10, 2006
Sino-African economic ties enhanced in 2005
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The trade volume between China and Africa as well as China's investment in Africa grew rapidly in 2005, with China's export structure to Africa further optimized, the Ministry of Commerce said Monday.

China's export of machinery, electronic and high-tech products to Africa jumped in 2005, now accounting for half of China's total export to Africa, the ministry said.

Figures show in the first ten months of 2005, the trade volume between China and Africa reached 32.17 billion U.S. dollars, up 39.1 percent year on year.

During the period, China's export to Africa grew 38.9 percent to 15.25 billion U.S. dollars, and import from Africa grew 39.4 percent to 16.92 billion U.S. dollars.

From Jan. 1, 2005, China started to give zero-tariff treatment to some goods imported from most underdeveloped countries in Africa that have diplomatic relations with China.

In the first ten months of 2005, Chinese enterprises signed labor cooperation contracts worth 6.34 billion U.S. dollars with African countries. By October 2005, 78,000 Chinese workers were staying in Africa for contracted projects, the ministry said.

By October 2005, China's direct investment in Africa totaled 175 million U.S. dollars, according to figures from the ministry.

By now China has established economic and trade mixed committee mechanisms with 35 African countries, the ministry said.

Source: Xinhua


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