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China-Africa 2010 trade to top 100 billion dollars: report

by Staff Writers
Beijing, China (AFP) Oct 3, 2010
Beijing says its trade with Africa is on track to top 100 billion dollars this year as it benefits from investments in mines, farms and factories on the continent, state media reported Sunday.

Trade between China and Africa jumped 65 percent on year in the first half to 61.2 billion dollars, China's Ministry of Commerce has said, according to the official news agency Xinhua.

China-Africa trade fell to 91.1 billion dollars in 2009, down 14.7 percent from 106.8 billion dollars in 2008, the report said.

More than 1,600 Chinese businesses are investing in Africa in the mining, processing, commerce, agriculture, construction and manufacturing sectors, the report said, citing the ministry.

Beijing ceased levying tariffs on 60 percent of imports from the 26 least developed African nations in July, the report said.

China has invested billions of dollars in Africa, raising eyebrows in the West, but many African leaders have praised China for not preaching about human rights and corruption.

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