Sino-Africa economic cooperation to develop in a deep-going way

Shanghai, May 16- Sino-African economic cooperation has shifted from pure free gratis to economic returns, from the government guidance to the involvement of enterprises, and from primary trade to technical trade.

To date, Chinese firms to invest in Africa have numbered over 800, more than the projects undertaken by the government. At the end of 2006, China's cumulative investment to Africa totaled U.S.$1.17 million.

Attention to technical cooperation and the training of personnel and helping the recipient countries to step up their self-development capability are another "bright spot" of the Sino-African trade. According to an official of the Huawei Technical LTD, the sales revenues of his firm has reached U.S.$2.08 billion in Africa, with a local staff of 1,500. The Huawei firm has also established regional training centers in Nigeria, Kenya, Egypt and Tunisia.

Sino-Africa banking cooperation has entered into a new phase. The Bank of China, which had taken the lead to settle in Zambia a full decade ago, has increased its profits by 100-fold in the past two years. It has also been learned that the China Development Bank, which had planned to set up four groups in Africa last year, actually completed eight banking groups in the year due to its fast business expansion, and the groups will plan to add their number to 18 this year.

By People's Daily Online