This according to a former Chinese vice-minister of commerce, Wei Jianguo.
In 2012, China's trade with Africa will probably hit $220 billion, up 25 percent year-on-year. According to Wei, China's exports to Africa grew 22 percent in the first nine months this year, while imports jumped by 21.5 percent during the period.
The Ministry of Commerce said that in 2011, China's trade with Africa hit $166.3 billion, a jump of 83 percent over 2009.
Currently, the EU is China's largest trade partner, with bilateral trade volume of $567.2 billion in 2011. The US is the second largest trade partner with China, with bilateral trade volume of $446.7 billion, according to the General Administration of Customs. But trade with Africa is expected to close the gap quickly.
"I expect China-Africa trade to see faster growth next year, as more Chinese companies have already been beefing up their business activities on the continent," said Wei, who is vice-chairman and secretary-general of the China Center for International Economic Exchanges, a high-level government think tank.
China's non-financial direct investment in Africa increased 58.9 percent year-on-year to $1.7 billion last year, according to the Ministry of Commerce. By the end of 2011, Chinese investment stock in Africa reached $14.7 billion, up 60 percent compared with 2009.
China Daily
