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China-Africa trade grows ten times to hit $300 billion

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Staff writer ▼ | November 11, 2015
China's trade with African states has grown about ten times in the last decade, with the total value likely to hit $300 billion this year.
Trade   Fourth China-Africa Industrial Forum
This is according to the Fourth China-Africa Industrial Forum (CAIF), which opened Monday in Beijing.

China's trade with Africa recorded $10 billion in 2000. Last year, the figure grew to $220 billion. China is seeking to raise the amount to $400 billion by 2020, said Yang Fuchang, a former deputy foreign minister, at the fourth CAIF opening session.

Statistics show China's trade with the European Union stood at 467.3 billion euros in 2014 and $590.68 billion with the United States.

Most African nations are developing countries and are in the early stage of industrialization. China is comparatively advanced in industrial developments and has technology and funds.

The timing is just right for the two sides to engage in all-round economic cooperations, according to Yang.