Ramaphosa wants China communist party to work closely with ANC

Ramaphosa wants China communist party to work closely with ANC

President Muhammadu Buhari and his encouraged on Saturday morning arrived in Beijing, China, to participate in the 7th Summit of the Forum on China-Africa Cooperation. "Resources for our cooperation are not to be spent on any vanity projects, but in places where they count the most", Xi said.

Xi said China would set up a China-Africa peace and security fund and that a total of 50 "security assistance" programs will be carried out, such as United Nations peacekeeping missions, fighting piracy and combating terrorism. Last year, China-Africa trade volume was $170 billion.

Xi said during the next three years and beyond, China would carry out eight major initiatives with African countries.

China will also train 1,000 high-caliber Africans, provide Africa with 50,000 government scholarships, sponsor seminar and workshop opportunities for 50,000 Africans, and invite 2,000 African youths to visit China for exchanges.

"China-Africa cooperation under the BRI is a way to common prosperity that brings benefits to both our peoples".

Standard Bank represents the biggest Chinese investment in Africa to date, after state-owned Industrial and Commerce Bank of China Ltd. agreed in 2007 to buy 20 percent of the African lender for $5.5 billion.

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. South Africa is the top destination of Chinese investment in Africa, with investments of more than $25bn in accumulative terms having accrued by June 2017. [Consultation Mechanism] As prescribed in the Program for China-Africa Cooperation in Economic and Social Development, adopted at the 2000 Ministerial Conference of FOCAC, China and Africa agreed to set up joint follow-up mechanisms to conduct regular evaluations on the implementation of the follow-up actions.

South African President Cyril Ramaphosa also rebuffed suggestions that China is taking advantage of the continent.

At the turn of the Millennium, on the proposal of African countries, a ministerial meeting of FOCAC was held in Beijing.

"Industrialisation is the prerequisite and key point for African countries to create jobs, reduce poverty and improve livelihoods, and then achieve inclusive and sustainable development", Jiang said, adding that Chinese investment will help the continent to upgrade its industry and bolster endogenous growth capacity.

He said that at all times, China's relationship with Africa was guided by "the principle of greater good and shared good faith" because the country valued sincerity and equality in cooperation. Once signed, the deal would be the first of its kind between China and an African country. "China exports to us what it makes in its factories".

China has provided aid to Africa since the Cold War period, but Beijing's presence in the region has grown exponentially with its emergence as a global trading power. "We do not want a situation where there is a new version of colonialism happening because poor countries are unable to compete with rich countries", he said during a visit to Beijing.

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