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China's African trade may hit high
Source: Xinhua |
December 28, 2012, Friday
|
Print Edition
Print Edition
CHINA'S foreign trade with African countries may hit a record high this year as a result of favorable trade policies, the Ministry of Commerce said yesterday.
Trade between China and African countries reached US$163.9 billion in the first 10 months of this year, up 20 percent year on year, the ministry said.
The growth in trade with Africa was 14 percentage points higher than the average level, the ministry added.
China has exempted tariffs on 60 percent of goods imported from 30 African countries since January this year in order to boost trade with the continent.
The government is also encouraging enterprises to invest in African countries by raising funds and giving preferential loans, according to the ministry.
Chinese non-financial direct investment in Africa hit US$1.5 billion between January and October, up 17 percent annually.
More than 2,000 Chinese enterprises are engaged in African investment projects in the agriculture, telecommunications, energy, manufacturing and catering sectors.
Africa is also now China's second-largest overseas market for project contracts.
Chinese enterprises signed project contracts worth US$38.2 billion with African partners between January and October, an increase of 27 percent year on year.
Trade between China and African countries reached US$163.9 billion in the first 10 months of this year, up 20 percent year on year, the ministry said.
The growth in trade with Africa was 14 percentage points higher than the average level, the ministry added.
China has exempted tariffs on 60 percent of goods imported from 30 African countries since January this year in order to boost trade with the continent.
The government is also encouraging enterprises to invest in African countries by raising funds and giving preferential loans, according to the ministry.
Chinese non-financial direct investment in Africa hit US$1.5 billion between January and October, up 17 percent annually.
More than 2,000 Chinese enterprises are engaged in African investment projects in the agriculture, telecommunications, energy, manufacturing and catering sectors.
Africa is also now China's second-largest overseas market for project contracts.
Chinese enterprises signed project contracts worth US$38.2 billion with African partners between January and October, an increase of 27 percent year on year.
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