Chinese aid, investment in Africa to continue despite economic slowdown
China’s Foreign Minister, Wang Yi says despite its economic slowdown, China will deliver on investment and aid promises made to Africa at the Summit of the Forum on China-Africa Cooperation (FOCAC) in Johannesburg, December 2015.
“Whenever China makes a promise, it always delivers,” the Foreign Minister was quoted saying at a press conference on the sidelines of the national legislature’s annual session.
The remark was in response to the question on whether China’s economic slowdown would affect its investment and aid to Africa.
Chinese President Xi Jinping announced at the FOCAC that the country would carry out ten cooperation plans between China and Africa.
“The most salient feature of the plans is a transition from a trade pattern dominated by resource products to one featuring more investment and industrial cooperation,” said Wang.
He said that by encouraging more Chinese companies to invest in Africa, China wants to help the continent accelerate its industrialization and boost its capacity for growth.
“These plans cannot come at a better time as they are designed precisely to help Africa deal with the new challenges from the international economic situation,” he added.
Three months after the summit, the foreign minister says China has got in touch with over 20 African countries to follow up on the summit outcomes with a number of early harvest items soon to materialize and the China-Africa fund for industrial cooperation now up and running, according to him.
Wang pointed out that Sino-Africa diplomatic ties went back to 60 years ago, and the deep bond of friendship, mutual trust and support between the two sides remain unchanged.
At the summit, many African leaders stated publicly that China had never colonized Africa, rather it helped Africa emerge from poverty, realize development and bring new life in Africa. They also said Africa had been looking for a truly dependable partner with mutual interest and eventually they found such a partner in China, Wang told the press.
“These statements struck a chord with many in the audience, and in my view, the African leaders spoke the mind of the African people,” Wang added.