Africa–China economic relations
Intercontinental economic ties / From Wikipedia, the free encyclopedia
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Economic relations between China and Africa, one part of more general Africa–China relations, began in the 7th century and continue through the present day. Currently, China seeks resources for its growing consumption, and African countries seek funds to develop their infrastructure.
The People's Republic of China and Africa | |||
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Large-scale projects, often accompanied by a soft loan, are proposed to African countries rich in natural resources. China commonly funds the construction of infrastructure such as roads and railroads, dams, ports, and airports. Sometimes, Chinese state-owned firms build large-scale infrastructure in African countries in exchange for access to minerals or hydrocarbons, such as oil.[1] In those resource-for-infrastructure contracts, countries in Africa use those minerals and hydrocarbons directly as a way to pay for the infrastructure built by Chinese firms.[1]
While relations are mainly conducted through diplomacy and trade, military support via the provision of arms and other equipment is also a major component.[2] In the diplomatic and economic rush into Africa, the United States, France, and the UK are China's main competitors. China surpassed the US in 2009 to become Africa's largest trading partner. Bilateral trade agreements have been signed between China and 40 countries of the continent. In 2000, China Africa Trade amounted to $10 billion and by 2014, it had grown to $220 billion.[3]