Sino-African economic partnership deepened

China and Africa are set to take their economic and trade partnership to greater heights, with advancing mutual openness, bolstering industrial integration and fostering cooperation in emerging sectors high on the agenda, Premier Li Qiang said on Friday.

Entrepreneurs have also been called on to channel more investment toward boosting economic development and meeting urgent societal needs, Li said in a speech at the opening ceremony of the eighth Conference of Chinese and African Entrepreneurs held in Beijing.

Economic and trade cooperation between China and Africa stands as a cornerstone of their partnership, yielding fruitful outcomes in recent years and providing robust support for the joint advancement toward modernization of both sides, he said.

Going forward, China will expand unilateral market access to least developed countries and widen the green channel for African agricultural exports to China, he added.

China is also committed to advancing mutual openness with Africa, and will expedite the process of negotiating and signing of framework agreements on jointly developing economic partnerships, in an effort to better drive trade and investment facilitation, the premier said.

Noting the concerted push toward advancing industrial integration, Li said that China stands ready to deepen cooperation along the industrial chains with Africa, aiming to integrate the two regions more deeply into the global industrial and supply chains.

Moreover, China is keen to strengthen collaboration with Africa in areas such as the digital economy, artificial intelligence and new energy, thus fostering the growth of new drivers of development and achieving fresh economic growth opportunities through joint efforts, he added.

The premier called on entrepreneurs from China and Africa to steadfastly deepen their cooperation, and play a bigger role in driving development not only within the China-Africa partnership but also on a global scale.

African officials and business executives said that the practical initiatives outlined at the 2024 Summit of the Forum on China-Africa Cooperation hold significant promise for accelerating the modernization efforts of African countries.

David Karl Ferreira, CEO of Vitality China under Discovery Ltd — a South Africa-based financial services provider — said that the company has benefited greatly from China's further opening-up of the financial sector in recent years and the country's super-large market.

With its vast consumer base, promising growth potential and innovative prowess, China has emerged as a magnet for South African enterprises seeking to expand their footprint and capitalize on the country's economic dynamism, Ferreira said.

Meanwhile, Chinese enterprises doing business in Africa have been instrumental in providing a wealth of invaluable experiences to businesses across the continent, he added.

Lei Jun, founder and chairman of Chinese smartphone maker Xiaomi, said that Africa's economic growth outpaces the global average, and construction of the continent's Free Trade Area promotes cross-border trade cooperation and market integration.

Particularly noteworthy is the emergence of supportive policies for green transition in many African countries. Xiaomi is keen on seizing opportunities to enhance collaboration with African enterprises across various emerging industries, including new energy vehicles, Lei said.

Building on its presence in 16 African countries, including Egypt, Nigeria and Kenya, Xiaomi is gearing up to increase its investments across the continent, Lei added.