China’s Xi says African investments come with ‘no strings’

Uhuru in China for trade talks days after hosting UK PM Theresa May

He said that the Forum on China-Africa Cooperation should "work to balance the structure of trade between Africa and China" and "we are pleased that China is open to this [proposal] and in fact encourages balanced trade so that we have a win-win outcome that benefits both the Chinese and the African people". Also promised are US$20 billion in credit lines, a US$10 billion fund for development financing and US$5 billion to finance imports from Africa.

He added that Africa's least developed, heavily indebted and poor countries will be exempt from debt they have incurred in the form of interest-free Chinese loans due to mature by the end of 2018.

President Yoweri Museveni was among several African heads of state who attended the opening ceremony of the summit.

Chinese President Xi Jinping speaks during the High-level Dialogue between Chinese and African Leaders and Business and Industry Representatives at the sixth China-Africa Entrepreneur Conference at the Beijing National Convention Center in Beijing, China September 3, 2018.

The Chinese President said: "China's cooperation with Africa is clearly targeted at the major bottlenecks to development". "No one should deny the significant achievement of China-Africa cooperation based on their assumptions and speculation".

China's outreach to Africa aims to build trade, investment and political ties with a continent often seen as overlooked by the USA and other Western nations.

But he added that China and Africa should work towards a more balanced trade relationship.

Ramaphosa noted that Africa exports its minerals to China while the Asian country exports to the continent what its factories produce.

"We have benefited a lot from China's support in our social and economic programs, and that has continued to strengthen the partnership between China and Rwanda", Kagame told the Chinese state-run People's Daily. "Resources for our cooperation are not to be spent on any vanity projects but in places where they count the most", he said.

Ramaphosa's comprehensive speech, coming after his summit co-chairperson and Chinese President Xi Jinping committed an additional $60 billion investment to Africa over the next three years, appeared to hit the right notes.

The president also said ECOWAS region accounts for some 30% of Africa's population and GDP.

Djibouti has become heavily dependent on Chinese financing after China opened its first overseas military base in the Horn of Africa country past year, a powerful signal of the continent's strategic importance to Beijing. A total of 50 security help programmes would be implemented, ranging from United Nations peacekeeping missions to fighting piracy, he said.

"China does not interfere in Africa's internal affairs and does not impose its own will on Africa", he said. A trade facilitation initiative to increase imports from Africa was also on the cards including 50,000 government scholarship and 50,000 training opportunities for seminars and workshops.

China is a trusted and committed partner in advancing Africa's vision, he said.

The absent leaders, according to checks by Africanews, are John Magufuli of Tanzania who is represented by Prime Minister; Pierre Nkurunziza of Burundi who is represented by his second vice-president; Joseph Kabila of the Democratic Republic of Congo who is represented by his Prime Minister; Isaias Afwerki of Eritrea, Abdul Aziz Bouteflika of Algeria and King Mswati of eSwatini (formerly Swaziland) who has no representation at all at the summit.

The interest in the forum is a result of China's growing influence on the African continent and proves the FOCAC has been pragmatic and efficient, analysts said.

"The seven or so special economic zones set up by Chinese actors in Africa have encountered a number of difficulties.so there is much scope for growth", Anthony said.

"But thus far, there has not been a systematic and widespread policy addressing this".

Related news:

Hot News

isis-killer-beheading-video-story-top Washington Operative Who Lobbied For Ukrainian Party Charged
Sep 03, 2018 - 01:55
Kilimnik and Manafort, meanwhile, have been indicted on allegations tied to their own work in Ukraine. However, a member of Mueller's team, Andrew Weissmann, was present in the courtroom Friday.

isis-killer-beheading-video-story-top United, Liverpool and Spurs in tough Champions league draw
Sep 02, 2018 - 01:08
Premier League champions Manchester City were handed a relatively kind group, featuring Shakhtar Donetsk, Lyon and Hoffenheim. Lokomotiv Moscow, seeded in the top spot as Russia's champion, will play Porto, Schalke and Galatasaray in Group D .

Giants Working On Trading Andrew McCutchen To Yankees
Sep 01, 2018 - 04:10
McCutchen bolsters the Yankees' outfield depth ahead of a playoff push with Aaron Judge still recovering from a fractured wrist. However, he's still battling with the injury, prompting NY to make a move.

isis-killer-beheading-video-story-top Federal appeal court sides with Tsleil-Waututh, Squamish in quashing pipeline approvals
Sep 01, 2018 - 04:07
Trans Mountain is now taking measures to suspend construction related activities on the project in a safe and orderly manner. First Nations are basking in a major court victory against the controversial Trans Mountain pipeline expansion.

isis-killer-beheading-video-story-top Aretha Franklin's funeral in pictures
Sep 01, 2018 - 01:16
Someone must have misinterpreted", said Delgado. "She had the voice of a generation, maybe the voice of a century". Family members surrounded the Franklin's gold casket as it closed, marking the formal start of her funeral.

isis-killer-beheading-video-story-top White House Counsel Don McGahn Set to Depart Trump Administration in Fall
Aug 30, 2018 - 02:29
He was one of the first establishment Republicans to work with Mr Trump, joining the NY businessman as counsel to his campaign. His general attitude after 18 months in this White House, this person said, was "of course it happened this way".

isis-killer-beheading-video-story-top Trump's failures on McCain show his true self
Aug 30, 2018 - 01:18
Trump tweeted about McCain after his death Saturday but has passed up several chances to comment publicly on the Arizona senator. Trump's remarks-or lack thereof-came after the president and McCain sparred on a variety of topics over the last few years.

isis-killer-beheading-video-story-top US, Mexico Reach NAFTA Deal and Put Pressure on Canada
Aug 28, 2018 - 00:34
Canada still needs to join the agreement, and any deal would need to be approved by Congress before it can go into effect. Add Donald Trump as an interest to stay up to date on the latest Donald Trump news, video, and analysis from ABC News.

isis-killer-beheading-video-story-top Trump turned down statement for John McCain in favor of tweet
Aug 28, 2018 - 00:30
Senator John McCain was an American hero and cherished member of The American Legion. "He devoted his entire life to his country". Just a day after announcing he would be discontinuing treatment for an aggressive brain cancer, Senator John McCain died at 81 .

isis-killer-beheading-video-story-top Simona Halep knocked out in first round of U.S. Open
Aug 28, 2018 - 00:28
The reigning French Open champion became the first top-seeded woman to lose in the first round of the U.S. Simona Halep suffered a shocking 6-2 6-4 defeat to Kaia Kanepi in the 2018 Us Open curtain-raiser.

isis-killer-beheading-video-story-top Kremlin, before meeting with Trump adviser, bemoans US apathy
Aug 26, 2018 - 00:16
The meetings are aimed toward "opening up channels" and 'break through some of the difficulties we've had, ' he added. Patrushev said he invited Bolton to have the next meeting in Russian Federation , but no specific time frame was set.

isis-killer-beheading-video-story-top Islamabad denies Pompeo, Khan discussed terrorism in Pakistan
Aug 26, 2018 - 00:10
State Dept on today's phone call", a spokesman for the foreign ministry said. Pakistan is an important partner to the United States.

isis-killer-beheading-video-story-top Manafort juror says 1 holdout prevented 18-count conviction
Aug 25, 2018 - 01:27
She said the jury chose to not consider Gates's testimony and focus instead on the documentary evidence. She also claims at times the prosecution seemed uninterested in the proceedings.

isis-killer-beheading-video-story-top Mobile Security Breach Exposes Personal Information
Aug 25, 2018 - 01:25
While we wait for more information, concerned parties can peruse T-Mobile's statement in full and smooth their fears a little. T-Mobile on Thursday disclosed a breach that exposed the personal data of about two million customers, according to a report.

isis-killer-beheading-video-story-top Tracking Lane: Major hurricane targets Hawaiian Islands
Aug 23, 2018 - 00:31
Hurricane Lane is set to strike Hawaii from the southeast as a Category 4 storm , most directly threatening the Big Island. The CPHC forecasts continue to show that all islands are at risk from direct effects from the core of Hurricane Lane .