President Xi proposes strategic upgrade to China-Africa relations and community. (Photo by Leon Neal/Getty Images,)
Beijing, China, —Chinese President Xi Jinping stated that the relationship between China and Africa is now more deepened and at its strongest point in history.
Xi during the FOCAC Summit address on Thursday, underscored the deepening ties between the two regions and outlined significant new initiatives aimed at further strengthening their partnership.
To support the 10 partnership actions outlined by the Chinese government, President Xi revealed that China will provide RMB360 billion (approximately $50 billion) in financial support over the next three years.
This funding will be allocated as follows: RMB210 billion as a credit line, RMB80 billion in various forms of assistance, and at least RMB70 billion in investments by Chinese companies across Africa.
President Xi emphasized plan on issuing panda bonds within China
In addition, China plans to encourage and support African nations in issuing panda bonds within China. This move aims to bolster results-oriented cooperation across all areas of mutual interest.
President Xi credited nearly 70 years of persistent efforts from both sides for bringing the China-Africa relationship to its current peak. Looking ahead, he proposed elevating bilateral relations between China and African countries to a strategic level.
He also suggested that the overall framework of China-Africa relations be upgraded to an “all-weather China-Africa community with a shared future for the new era.”
This financial commitment and joint efforts to achieve both regions’ common goals, according to the Chinese government, reflect China’s ongoing dedication to enhancing its partnership with Africa, reinforcing its role as a major global player in international development and cooperation.
President Xi announced RMB360 ($50 billion) financial support for China-Africa partnership
“To implement the 10 partnership actions, the Chinese government will provide RMB360 billion yuan of financial support through the next three years” President Xi said.
“This breaks down into RMB210 billion yuan of credit line, RMB80 billion yuan of assistance in various forms, and at least RMB70 billion yuan of investment in Africa by Chinese companies.
”In addition, China will encourage and support Africa in issuing panda bonds in China to enhance our results-oriented cooperation in all areas.”
”Thanks to nearly 70 years of tireless efforts from both sides, the China-Africa relationship is now at its best in history.
”With its future growth in mind, I propose that bilateral relations between China and all African countries be elevated to the level of strategic relations, and that the overall characterization of China-Africa relations be elevated to an all-weather China-Africa community with a shared future for the new era,” President Xi added.
The News Summary:
- President Xi announced RMB360 billion support to deepen China-Africa ties.
- Chinese President details RMB210 billion credit line, RMB80 billion ($50 billion) assistance to Africa.
- China plans panda bonds to boost results-oriented China-Africa cooperation.
- Xi proposes strategic upgrade to China-Africa relations and community.
