During the latest Forum on China-Africa Cooperation (FOCAC) held in Beijing, Chinese President Xi Jinping announced over $50 billion in funding and a commitment to create at least 1 million jobs in Africa. The summit, which takes place every three years and alternates between China and Africa, brought together more than 50 African leaders in Beijing to strengthen economic collaboration.
The event was marked by high-level ceremonies and festivities as China emphasized its partnership with Africa under the theme “A Shared Future for China and Africa.” President Xi pledged approximately $51 billion in support, including $30 billion in credit lines, $10 billion in investment by Chinese companies, and additional funding for other initiatives such as military support. This investment is aimed at fostering mutual cooperation to help African nations achieve modernization and economic development.
President Xi expressed that modernization is the right of every nation, and he underlined China’s commitment to working closely with African countries. He further proposed elevating diplomatic relations with African nations to a strategic level, marking a new era of strengthened cooperation between China and Africa.
The Forum has become a key platform for advancing China-Africa relations, providing opportunities to boost trade, investment, and development partnerships. This year’s summit highlights China’s growing engagement with Africa as the country seeks to contribute to the continent’s economic growth and development. Chinese Foreign Minister Wang Yi echoed this sentiment, noting that the cooperation sends a strong message of China and Africa working together for mutual benefit.
China also reaffirmed its commitment to supporting African countries in multiple sectors, including agriculture and infrastructure. President Xi announced plans to further open China’s markets to African agricultural products and outlined 30 infrastructure projects to be carried out across the continent. The country’s Belt and Road Initiative (BRI) continues to be a major contributor to Africa’s development, with a new focus on smaller, more impactful projects, such as public street lighting in cities like Addis Ababa.
Additionally, China is looking to increase its green technology exports to Africa as demand for sustainable solutions grows. With its status as Africa’s largest trading partner since 2009, China remains committed to further strengthening trade ties and economic cooperation with the continent.
African leaders praised China’s long-standing support and investment in the region. South African President Cyril Ramaphosa noted that Africa faces many global challenges, but China’s support helps the continent to better manage these difficulties. The partnership was also lauded for its contributions during the Covid-19 pandemic, as China provided essential medical supplies and vaccines to African nations.
Through initiatives such as the Belt and Road projects, expanded trade opportunities, and investments in key sectors, the China-Africa partnership continues to flourish, offering new prospects for economic development and collaboration.