Bilateral trade with Africa continues to grow
9 September 2008
China's bilateral trade with Africa has been growing at 30% a year since 2000, Chinese officials said, state media reported. Wang Chao, assistant minister of commerce, said more Chinese enterprises are investing in Africa as that continent develops rapidly. Wang spoke at the African Countries Investment Seminar, part of the International Fair for Investment and Trade, which opened in Xiamen on Monday. Bilateral trade volume was US$73.3 billion in 2007 and US$53.1 billion in the first half of this year, Wang said. Chinese enterprises' direct investment in Africa was US$305 million during the first half of this year. Besides the traditional fields such as trade and engineering, the scope of investment projects has extended to agriculture, tourism, energy and medical treatment.