Two-way trade volume between China and Africa, which share a long-term economic cooperation, exceeded US$18 billion in 2003 to set a new record, according to trade experts.
Figures from the Chinese Customs show that Sino-African trade hit 10 billion worth in 2000 and reached US$16.64 billion worth in the first eleven months of 2003, up 48.4 percent year-on-year.
Xu Changwen, head of the Asian and African studies department of the Chinese Academy of International Trade and Cooperation (CAITC), think-tank of the Ministry of Commerce, said China and Africa have a promising prospect in their cooperation in the fields of agriculture, light industry, machinery, infrastructure construction, information technology and tourism.
China is advanced in agricultural technology, seed cultivation, oil exploration and has relatively cheap and durable light industry products and machinery, Xu said, noting that could meet the need of many African countries.
Chinese enterprises also have sharpened competitive edge in road and railway building, communication system, irrigation works and energy generation, Xu added.
China's soaring economy promoted China-Africa trade and forged a solid growth base. China's trade partners in Africa with over 100 million annual trade volume increased from seven in 1993 to 23 as of November 2003.
Chinese entrepreneurs are also dashing to tap the African market. MOC figures indicate that over 600 Chinese-funded enterprises have been set in 54 African countries or regions with a total contracted investment of US$1.17 billion as of 2003.
According to the China Council for the Promotion of International Trade (CCPIT), China's largest non-official trade promotion organization, 27 Chinese business exhibitions are to be held in Egypt, South Africa, Nigeria and Kenya in 2004.
Over 30 such exhibitions were held in Africa in 2003, CCPIT said.
(Xinhua News Agency January 26, 2004)