• Plans 8 devt initiatives with African countries
By Hafsat Abdullahi and Henrietta Attah
Chinese President Xi Jinping said Monday that China and Africa have embarked on a distinctive path of win-win cooperation.
Xi made the statement in a keynote speech delivered at the opening ceremony of the 2018 Beijing Summit of the Forum on China-Africa Cooperation (FOCAC).
The country follows a “five-no” approach in its relations with Africa: no interference in African countries’ pursuit of development paths that fit their national conditions; no interference in African countries’ internal affairs; no imposition of China’s will on African countries; no attachment of political strings to assistance to Africa; and no seeking of selfish political gains in investment and financing cooperation with Africa, he said.
No one could undermine the great unity between the Chinese people and the African people.”
China pursues common interests and puts friendship first in cooperation. China believes the sure way to boost China-Africa cooperation is for both sides to leverage their respective strengths and for China to complement Africa’s development through its own growth, and for both sides to pursue win-win cooperation and common development, Xi said.
“No one could hold back the Chinese people or the African people as we march toward rejuvenation.”
China takes an open and inclusive approach to cooperation. China stands ready to work with other international partners to support Africa in pursuing peace and development, he said.
“No one could stand in the way or obstruct international efforts to support Africa’s development.”
No one could stand in the way or obstruct international efforts to support Africa’s development.”
During the keynote speech, Xi reiterated that China is committed to peace and development, which are “the call of the time,” and said the country will resolutely reject protectionism and unilateralism.
“China takes it as its mission to make new and even greater contribution to mankind,” Xi said.
He said China is ready to work with international partners in building the Belt and Road.
China will also get actively involved in global governance and stay committed to the vision of consultation, cooperation and benefit for all in global governance, he said.
Moreover, China will remain committed to opening-up, according to Xi.
“We firmly believe that peace and development are the theme and the call of the times,” said Xi, urging the international community to respond to that call with solidarity, wisdom, courage and a sense of mission.
President Xi said China will resolutely safeguard an open world economy and the multilateral trade system, while rejecting protectionism and unilateralism.
Facing uncertainty and unpredictability in global growth, China will remain committed to opening-up and grow an open economy for win-win cooperation, said Xi. “Anyone who isolates himself on an island has no future.”
Xi elaborated on building a stronger China-Africa community with a shared future in his keynote speech, where he called for the building of a China-Africa community with a shared future that assumes joint responsibility, pursues win-win cooperation, delivers happiness for all, enjoys cultural prosperity, ensures common security, and promotes harmony between man and nature.
Building a stronger China-Africa community with a shared future will set a model for the building of a community with a shared future for humanity, he said.
Xi said China will implement eight major initiatives with African countries in the next three years and beyond, covering fields on industrial promotion, infrastructure connectivity, trade facilitation, green development, capacity building, health care, people-to-people exchanges and peace and security.
China will extend a total of 60 billion US dollars of financing to Africa, Xi announced.
The financing will be provided in the form of government assistance as well as investment and financing by financial institutions and companies.
The financing includes 15 billion US dollars of grants, interest-free loans and concessional loans, 20 billion US dollars of credit lines, the setting up of a 10-billion-US dollar special fund for development financing and a 5-billion-US dollar special fund for financing imports from Africa. Chinese companies are also encouraged to make at least 10 billion US dollars of investment in Africa in the next three years.
China will exempt certain African countries from outstanding debts incurred in the form of interest-free Chinese government loans due by the end of 2018, Xi announced.
The exemption will be granted to Africa’s least developed countries, heavily indebted and poor countries, landlocked and small island developing countries that have diplomatic relations with China.