China-Africa Trade Likely to Hit Record High in 2011

The level of trade between China and Africa in 2011 is expected to set a new annual record; trade at the end of  September was already very close to matching the 2010 total. The China-Africa volume of trade rose 30 percent year-on-year to reach US $122.2 billion for the first three quarters of 2011, compared with US $126.9 billion recorded last year, said Shen Danyang, spokesman for the Ministry of Commerce. China has become Africa's number one trading partner, with bilateral trade growing at an annual rate of 28 percent over the past 10 years, Shen said. By the end of 2010, more than 2,000 Chinese companies had invested in the continent. China invested US $1.08 billion in non-financial sectors in Africa in the first three quarters of 2011, up 87 percent year-on-year, noted Shen.

"China-Africa cooperation in various sectors, including telecommunications and tourism, has shown great growth momentum. Many Chinese financial institutions operate in Africa, and Chinese airlines have opened direct routes to the continent," Shen said.