(FOCAC) Economic Watch: Summit draws roadmap for China-Africa joint efforts in modernization drive

BEIJING, Sept. 6 (Xinhua) -- The 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) has produced concrete outcomes, charting a roadmap for China and Africa to work concertedly to pursue modernization, which is poised to enhance South-South cooperation and drive global development.

The summit from Sept. 4 to 6 in Beijing is the largest diplomatic event hosted by China in recent years. As one of the major outcomes of the summit, China announced Thursday that it will jointly advance modernization with Africa by implementing 10 partnership actions over the next three years.

The actions cover mutual learning among civilizations, trade prosperity, industrial chain cooperation, connectivity, development cooperation, health, agriculture and livelihoods, people-to-people and cultural exchanges, green development and common security. China has pledged 360 billion yuan (about 51 billion U.S. dollars) in financial support to implement these actions.

African leaders hailed China's commitment to strengthening cooperation and deepening its friendship with Africa at the opening ceremony of the summit.

"China has been a true partner in our fight against poverty and pursuing prosperity," said Tanzanian President Samia Suluhu Hassan. She said China's genuine commitment toward Africa has been instrumental in achieving the common development goals.

At the FOCAC's ninth ministerial conference held on the eve of the summit, Chinese Foreign Minister Wang Yi said the rise of the Global South represented by China and Africa is profoundly influencing the development of human society, and that the summit will set a new milestone for the Global South to move forward together toward modernization.

Liu Yuxi, special representative of the Chinese government on African affairs, said that since its inception in 2000, the FOCAC has yielded impressive results, having become a banner leading international cooperation with Africa and deepening Global South cooperation.

Through the FOCAC, China and Africa maintain high-level mutual trust, adhere to win-win cooperation, engage in rich and diverse exchanges, and adapt cooperation in various fields to the changing times, Liu added.

According to economists and experts, the partnership actions effectively align with Africa's modernization goals.

For instance, to boost trade, China will voluntarily and unilaterally open its market wider. China has also decided to give all the least developed countries (LDCs) having diplomatic relations with China, including 33 countries in Africa, zero-tariff treatment for 100 percent tariff lines.

The move is expected to greatly facilitate two-way flow of Chinese and African products and help strengthen the position of African products in international trade, said Li Hongfeng, dean of the School of African Studies at Beijing Foreign Studies University.

To boost industrial chain cooperation, China will foster industry cooperation growth clusters with Africa, push forward the Pilot Zone for In-depth China-Africa Economic and Trade Cooperation, and launch an "African SMEs empowerment program."

To promote connectivity, China is prepared to carry out 30 infrastructure connectivity projects in Africa and promote high-quality Belt and Road cooperation.

Li said that in recent years, China and Africa have deepened their cooperation in traditional sectors, including infrastructure, agriculture, capacity building, talent cultivation and technology transfer. At the same time, the cooperation has also expanded into forward-looking areas such as green economy and digital economy.

"Looking ahead, I believe China-Africa economic and trade cooperation will continue to rise to new heights alongside Africa's industrialization," Li said.

Mwangi Wachira, former World Bank economist and advisor to the Kenyan government, said that the lack of modern ports, power infrastructure, and national and cross-border highways has hindered Africa's modernization. However, with infrastructure projects driven by FOCAC and China's long-standing focus on development, Africa is now better positioned to achieve its industrialization potential, he noted.