Although the financial crisis has brought different degrees of impact to the China-Africa economy, the prospects for economic and trade cooperation between the two sides are very broad and have three major advantages. On September 1st, at the 5th Northeast Asia Expo, the Jilin Province and Africa Economic and Trade Cooperation Fair was held. The participants generally reached the above consensus.
Xie Yajing, deputy director of the West Asia and Africa Department of the Ministry of Commerce, believes that the current international financial crisis continues to spread and has a great impact on China-Africa economic and trade cooperation. But the crisis is both a challenge and an opportunity for both companies. Judging from the current situation analysis, China-Africa trade has three advantages.
The first is the increase in the space for Chinese goods to replace European and American goods. Since China's current exports to Africa mostly involve national economy and people's livelihood, market demand is very rigid. Compared with European and American commodities, the price advantage of Chinese goods under the financial crisis is more obvious, and some African countries have begun to switch to buying Chinese goods.
Secondly, there are huge opportunities for both sides to expand investment cooperation. Affected by the financial crisis, some African countries have been affected by their production projects and are unable to continue to operate. Under this situation, the willingness of African countries to cooperate with China has become stronger.
Later, China has great potential for contracting labor cooperation with Africa. As the economic stimulus plans of African countries are gradually implemented, and the projects of China providing concessional loans and preferential export buyer credits are gradually implemented, Chinese enterprises will continue to grow steadily and rapidly with contracted labor cooperation in Africa.
Xie Yajing’s views were endorsed by the representatives of the two sides. The African representative of the Ethiopian ambassador to China, Heilkilos Gesese, said that Africa and China have the basis and conditions for cooperation. Both governments have also formulated relevant preferential policies to encourage cooperation. Although the current bilateral trade is still affected by the financial crisis, But I believe that the trade between the two sides will rise frequently soon after.
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