China's Xi offers $60bn in financial support to Africa

China's Xi offers $60bn in financial support to Africa

The meeting will be chaired by Xi Jinping, President of China.

China has invited (read summoned) leaders of its African colonies for the 7th Summit of the Forum on China - Africa Cooperation (FOCAC) scheduled for September 3 - 4, 2018 in Beijing.

Xi announced that Africa's poorest nations would be given interest-free loans from China so that they incur less sovereign debt.

He says the least developed countries with diplomatic relations with his government and heavily indebted from loans offered by his country don't have to worry about paying back the money.

China does not attach any political strings to its investment in Africa under the Belt and Road Initiative, nor does it interfere in African countries' internal affairs or impose its demands on others, he noted.

China would be happy to help Africa upgrade its customs and commodities inspection facilities and provide supplies and equipment to improve trade connectivity with the continent, the Chinese leader added.

Sisulu was speaking on Sunday in Beijing, at a luncheon hosted by her Chinese counterpart, Minister Wang Yi, ahead of the FOCAC summit this week.

China's growing presence on the continent - particularly with its massive "Belt and Road Initiative" - has raised concerns that many African nations might struggle to repay the Chinese debt used to build expensive infrastructure projects, allowing China to take control of strategic assets.

He is expected to propose new ideas to strengthen relations with Africa and announce new measures for pragmatic cooperation.

"It is through platforms like [this forum] that we should work to balance the structure of trade between Africa and China", Ramaphosa said.

Son seeking gold with one eye on Spurs progress
The victor will progress to face either Japan or the United Arab Emirates in the final on Sept 1. At the end of day 11, China lead the medal standings with 102 golds, 67 silvers and 50 bronzes.

"Established 18 years ago, FOCAC has led worldwide cooperation with Africa and has become a significant marker of South-South cooperation", said Li Dan, director of Africa Studies Center of China Foreign Affairs University.

Beijing loaned around $125bn to the continent from 2000 to 2016, data from the China-Africa Research Initiative at Washington's Johns Hopkins University School of Advanced International Studies shows.

President Weah said that the mutually beneficial cooperation between China and Liberia has brought perceptible benefits to the Liberian people.

The Chinese projects in Africa include the Ethiopia-Djibouti railway and Kenya's standard gauge railway from Mombasa to Nairobi.

"Established 18 years ago, FOCAC has led worldwide cooperation with Africa and has become a significant marker of South-South cooperation", said Li Dan, director of Africa Studies Center of China Foreign Affairs University.

Ramaphosa urged China to focus more on the nature of and quality of its investments in Africa and not just natural resources.

Through Focac, Africa was looking at China as a partner to achieve the goals set out in Agenda 2063.

According to the World Bank, China's rapid growth into an upper middle-income country resulted from the a shift in central planning to a market-based economy in 1978.

Locals in other countries have complained about the practice of using Chinese labour for building projects and what are perceived as sweetheart deals for Chinese companies.

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