The third China-Africa Economic and Trade Expo which runs from June 29-July 2 began Thursday, June 29 in Changsha, Hunan Province, where representatives from 53 African countries (all but one) and 12 international organizations attended. In total, $19.1 billion in deals are expected to be signed.
The China-Africa Women’s Forum opened the event, addressed by Peng Liyuan, wife of Chinese President Xi Jinping, and UNESCO Special Envoy for the Advancement of Girls’ and Women’s Education.
This year’s event attracted 1,500 exhibitors, a jump of 70% from the previous Expo. Also, 1,590 products from 29 countries were registered, surging by 165.9%, according to official data. The exhibition area expanded by 30,000 square meters to 100,000 square meters.
Global Times noted that a China-Africa Trade Index was presented, for the first time, which compared a base reading of 100 recorded in 2000 which has now risen to 990.55 in 2022.
Mbelwa Kairuki, Tanzania’s Ambassador to China, while praising the China-proposed Belt and Road Initiative, told Global Times: “In the last 5 years, we have seen tremendous achievements in terms of connectivity between BRI countries, individual policy connectivity, trade connectivity, infrastructure connectivity, and people-to-people [exchanges].” He refuted what he called “propaganda” on so-called “debt traps” in China-Africa cooperation. Noting that the majority of debt is owed to other countries and institutions, the Tanzanian ambassador said that “it’s just propaganda, even they borrow [from] China.” Regarding some Western countries’ attempt to “decouple” from China or “de-risk” their trade with China, Kairuki said that “the view is misplaced.” He added that “as far as we are concerned, there are many opportunities for cooperation between [us] in terms of trade, [and] in terms of investment.” Ambassador Kairuki also said that Chinese investments and enterprises have done a lot of work in the country, building ports, roads and other projects. “We have nothing to say but we are grateful and looking forward to 10 more years,” Kairuki said.
Rwandan Ambassador to China James Kimonyo also refuted the “debt trap” claims in Western media reports. “China happens to be a partner that is very open in terms of what we discuss in terms of the financing of projects,” Kimonyo told the Global Times on June 29. “I think that narrative ("debt trap") is wrong. China is not putting Africa in a debt trap.”
Bilateral China-Africa trade saw a 20-fold increase between 2000 and 2022 and an average annual growth rate of 17.7%. In 2022, trade between China and African countries rose 11% year-on-year to $282 billion, with plans to reach $300 billion by 2025.
Also, in the past decade, China’s total direct investment in African countries has exceeded $30 billion, making China the fourth-largest source of investment in Africa. This, however, does not take into consideration the fact that the Chinese investment is primarily in infrastructure, as compared to Western financial investment.