China has taken a significant step in strengthening its economic ties with Africa, launching a zero-tariff policy with 33 African countries and pledging a massive $51 billion investment in the continent. The move, announced during the China-Africa forum in Beijing in September, aims to drive industrial cooperation, upgrade infrastructure, and promote modernization in Africa.
The zero-tariff policy, which came into effect on Sunday, will allow for unilateral market access for all products from developing nations, including the 33 African countries. This move is seen as a significant boost to trade relations between China and Africa, with experts predicting increased economic cooperation and development in the region.
According to Yang Baorong, a researcher at the China-Africa Institute, the zero-tariff policy is designed to "drive industrial cooperation upgrading through large-scale trade, enhance China-Africa cooperation, and encourage more countries from the Global South to jointly pursue modernization." The policy is expected to benefit countries with significant development needs, such as Madagascar, which will see its agricultural products, textiles, seafood, and handicrafts gain duty-free access to the Chinese market.
China's investment pledge of $51 billion is a significant commitment to Africa's development, with President Xi Jinping promising to triple the number of infrastructure projects in Africa. The investment will focus on industries such as agriculture, infrastructure, trade, and investment, with a particular emphasis on green technology and clean energy initiatives.
Xi Jinping also announced plans to establish a "China-Africa network featuring land-sea links and coordinated development," which will facilitate increased cooperation and connectivity between China and Africa. The Chinese president has also encouraged Chinese contractors to return to Africa, following the removal of COVID-19 restrictions that had previously halted several projects.
The move is seen as a strategic play by China to increase its influence in Africa, with many experts predicting that the continent will become a key battleground for global influence in the coming years. However, the investment pledge and zero-tariff policy have been welcomed by many African leaders, who see it as a significant opportunity for economic development and cooperation.
Christopher Mutsvangwa, a member of the ruling Zimbabwe African National Union-Patriotic Front party Politburo, praised the initiative, noting that it will "strengthen commercial ties between China and Africa." The move is expected to have far-reaching implications for trade and development in Africa, with many countries set to benefit from increased economic cooperation with China.
As China continues to expand its influence in Africa, the move is likely to have significant implications for global trade and development. With the African continent poised to become a key player in the global economy, China's investment pledge and zero-tariff policy are likely to have a lasting impact on the region's development trajectory.