Beijing says its trade with Africa is on track to top USD$100 billion dollars (NZD$134.25 billion) this year as it benefits from investments in mines, farms and factories on the continent, according to an AFP report, citing China's Xinhua news.
Trade between China and Africa jumped 65% on year in the first half to USD61.2 billion dollars, according to China's Ministry of Commerce.
China-Africa trade fell to US$91.1 billion dollars in 2009, down 14.7% from US$106.8 billion dollars in 2008, the report said.
More than 1,600 Chinese businesses are investing in Africa in the mining, processing, commerce, agriculture, construction and manufacturing sectors, the report added.
Beijing ceased levying tariffs on 60% of imports from the 26 least developed African nations in July, the report said.
China has invested billions of dollars in Africa, raising eyebrows in the West, but many African leaders have praised China for not preaching about human rights and corruption. -- Source: AFP