The volume of trade between China and African countries increased 16.8 per cent in the first quarter of 2017 to USD 38.8 billion with the intensification of bilateral economic relations, according to a report released by the Ministry of Trade.
This was the first quarterly recovery of bilateral trade between China and Africa since 2015, with Chinese imports from Africa growing 46 per cent to USD 18.4 billion.
Chinese exports to Africa fell 1 per cent year-on-year to USD 20.5 billion in the first three months of this year, compared with an 18 per cent decline in the same period in 2016.
According to the document of the Chinese Ministry of Trade, this is attributed to the growth in the implementation of ten major China-Africa cooperation plans proposed at the Johannesburg Summit of the China-Africa Cooperation Forum in 2015, which included loans and preferential policies without Interest rates.
In the first quarter, Chinese companies invested more than USD 750 million in direct non-financial investment in African countries, an increase of 64 per cent on an annual basis, adding that the two sides hope to promote higher-level trade cooperation this year.
Bilateral trade between China and Africa reached USD 149.1 billion in 2016.