Published: Mon, September 03, 2018
Money | By Bruce West

China-Africa business forum attracts over 1000 African representatives

China-Africa business forum attracts over 1000 African representatives

The documents are expected to build on the outcomes of the Johannesburg summit, during which Xi announced 10 major cooperation plans to promote industrialisation and agricultural modernisation in Africa.

These African leaders will be treated like kings, fed plenty Chinese curry, alcohol and given all sorts of toys and tokens while the Chinese looks at their begging bowls and how to further suffocate them with debt.

China will also expand its imports from Africa, especially for non-resources products, and will facilitate African financial institutions' bond issuances in China, Xi added.

Ramaphosa said the Sino-African relationship was "premised on the right of African people to determine their own future [towards] an Africa we want, where the guns would have been silenced and all its people live in peace and security".

On infrastructure connectivity, Xi said China will work with the African Union to formulate a China-Africa infrastructure cooperation plan and support Chinese companies in taking part in Africa's infrastructure development by way of investment-construction-operation or through other models.

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

The Chinese president was speaking at the opening of the China-Africa summit in Beijing.

Jeremy Stevens, worldwide economist for the Standard Bank Group, said many felt it would not be "politically appropriate" to pledge huge loans given concern that Africa is becoming overloaded with Chinese debt.

Xi told business leaders Chinese firms in Africa had to be aware of their social responsibilities and make sure their investments served the community and improved their wellbeing.

The Chinese have taken umbrage against allegations of involvement in "debt trap" diplomacy, by saddling smaller countries with unplayable loans, and using them as levers for political gain. China will carry out 50 agricultural assistance programs, provide emergency humanitarian food aid amounting to 1 billion yuan (147 million US dollars) to African countries affected by natural disasters, and send 500 senior agricultural experts to Africa.

It would be spent on eight initiatives over the next three years, including building more infrastructure and giving scholarships to young Africans, he said.

African presidents in attendance include South Africa's Cyril Ramaphosa, Egypt's Abdel Fattah al-Sisi, Zambia's Edgar Lungu and Gabon's Ali Bongo.

This year marks the fifth anniversary of the China-proposed Belt and Road Initiative, with more African countries expressing their interest in joining the grand project.

There are some controversial guests. He also hosted Sudanese President Omar al-Bashir, who has been indicted by the International Criminal Court for war crimes and crimes against humanity.

Xi said Belt and Road complies with worldwide norms, and China "welcomes the participation of other capable and willing countries for mutually beneficial third-party cooperation".

"China has always had reservations about the International Criminal Court's indictment and arrest order against Sudan's president".

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