China-Africa 2010 trade to top $US100bn

Reported by AAP
Sunday, October 3, 2010

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Beijing says its trade with Africa is on track to top $US100 billion ($A103.5 billion) this year as it benefits from investments in mines, farms and factories on the continent, state media reported on Sunday.

Trade between China and Africa jumped 65 per cent on year in the first half to $US61.2 billion ($A63.34 billion), China's Ministry of Commerce has said, according to the official news agency Xinhua.

China-Africa trade fell to $US91.1 billion ($A94.29 billion) in 2009, down 14.7 per cent from $US106.8 billion ($A110.54 billion) 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 said, citing the ministry.

Beijing ceased levying tariffs on 60 per cent 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.

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