By Abu Bakarr Kargbo in Beijing
President Xi Jinping of the People’s Republic of China made a momentous announcement on Thursday at the Forum on China-Africa Cooperation summit in Beijing, unveiling a grand plan to propel China-Africa cooperation forward and champion the modernization of the Global South. In a landmark address, President Xi revealed that China is poised to collaborate closely with Africa in implementing ten partnership action plans over the next three years to advance modernization hand in hand.
During his keynote speech at the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC), President Xi emphasized the critical role that China and Africa play in the global modernization efforts. With one-third of the world's population residing in China and Africa, President Xi underscored that true global modernization cannot be achieved without the simultaneous advancement of China and Africa.
To realize the ambitious ten partnership action plans, President Xi announced that the Chinese government will provide substantial financial support amounting to RMB360 billion yuan over the next three years. This financial package includes RMB210 billion yuan in credit lines, RMB80 billion yuan in various forms of assistance, and a minimum of RMB70 billion yuan in investments in Africa by Chinese companies. Moreover, to boost results-oriented cooperation across all sectors, China will encourage Africa to issue panda bonds in China, fostering deeper collaboration.
President Xi outlined the key areas covered by the ten partnership action plans, spanning mutual learning among civilizations, trade prosperity, industrial chain cooperation, connectivity, development cooperation, health initiatives, agriculture and livelihood projects, people-to-people exchanges, green development, and common security measures. These comprehensive initiatives aim to bolster cooperation and foster sustainable development between China and Africa.
Proposing the elevation of China-Africa relations to an all-weather China-Africa community with a shared future for the new era, President Xi highlighted the historic and enduring friendship between the two regions. Characterizing the relationship as transcending time and space, President Xi lauded the progress achieved over nearly seven decades of mutual efforts, leading to the current peak in China-Africa relations.
In a groundbreaking move, President Xi declared that China will unilaterally open its market wider by granting zero-tariff treatment for all Least Developed Countries (LDCs) with diplomatic relations with China, including 33 African nations, across 100 percent tariff lines. This revolutionary step positions China as the first major developing country to take such decisive action, transforming China's vast market into a significant opportunity for Africa. Furthermore, China pledges to expand market access for African agricultural products, deepen cooperation in e-commerce, and launch a "China-Africa quality enhancement program."
Reflecting on the deep-rooted friendship and solidarity between China and Africa, President Xi emphasized their shared journey through challenges and triumphs. The establishment of the Forum on China-Africa Cooperation in 2000 marked a pivotal milestone in their collaborative history, paving the way for continued growth and prosperity. As they navigate the complexities of a rapidly changing world, China and Africa stand united in defending their mutual interests and promoting a new paradigm of international relations based on cooperation and mutual respect.
President Xi's visionary proposal to elevate bilateral relations between China and all African countries with diplomatic ties to strategic partnerships heralds a new chapter in China-Africa relations, underpinned by mutual trust and shared aspirations. With a steadfast commitment to building an enduring China-Africa community with a shared future, President Xi's announcement sets the stage for transformative progress and cooperation between the two regions.
As the world watches with anticipation, the implementation of the ten partnership action plans between China and Africa holds the promise of reshaping the socio-economic landscape and driving sustainable development for generations to come. With unity, determination, and a shared vision for the future, China and Africa are poised to lead the way in advancing modernization and fostering a more prosperous and interconnected world.
President Xi's resounding call for enhanced cooperation and strategic relations between China and Africa encapsulates the spirit of partnership and mutual benefit that defines their enduring bond. As they embark on this ambitious journey together, China and Africa hold the potential to create a brighter and more inclusive future for all, setting a shining example of collaboration and solidarity on the global stage.
