China plans to further align its Belt and Road Initiative with the long-term development agendas of African countries, aiming to boost infrastructure connectivity and trade cooperation across the continent, Chinese officials said on Monday.
Ahead of the 2024 Summit of the Forum on China-Africa Cooperation, which will be held from Wednesday to Friday in Beijing, officials emphasized that the alignment is expected to inject new momentum into Africa's socioeconomic development.
The summit will focus on expanding partnerships in emerging sectors such as green development and the digital economy.
Fifty-two African countries and the African Union have signed cooperation memorandums with China under the BRI framework, according to the National Development and Reform Commission.
Xu Jianping, director-general of the NDRC's Department of Regional Opening-up, said China aims to establish new cooperation plans with more African nations during the summit.
"We are looking to deepen the alignment between the BRI and the African Union's Agenda 2063, while also ensuring synchronization with the United Nations' 2030 Sustainable Development Goals," Xu said. "China will work closely with African nations to enhance infrastructure cooperation and implement new initiatives that align with their economic and social development needs."
However, funding infrastructure projects in Africa remains a significant challenge.
The African Development Bank estimates that between $130 billion and $170 billion is needed annually for infrastructure development, with a financing gap of $68 billion to $108 billion.
Despite these challenges, Chinese companies have played a substantial role in advancing infrastructure development across Africa. They have built or refurbished over 10,000 kilometers of railways, nearly 100,000 km of roads, about 1,000 bridges, close to 100 ports, 66,000 km of power transmission lines and 150,000 km of backbone communication networks, Xu said.
Beyond physical infrastructure, China is also focused on deepening institutional connectivity with African nations in areas such as trade and investment. This includes emerging sectors such as green development and the digital economy, Xu said.
As of June, China had given trade advantages to 27 of Africa's least-developed countries by imposing zero tariffs on 98 percent of their products. Bilateral agreements promoting and safeguarding investments have been signed with 34 African nations, and 21 countries on the continent have entered into agreements to prevent double taxation, according to the NDRC.
With these improvements in physical and institutional connectivity, China-Africa trade reached a record $282.1 billion last year. And by the end of last year, China's direct investment in Africa had surpassed $40 billion, according to NDRC data.
Bai Ming, a researcher at the Chinese Academy of International Trade and Economic Cooperation, said Chinese investment is crucial for promoting industrial diversification and driving economic growth in Africa.
"By encouraging a mix of enterprises to operate within these African nations, China is helping to transform African economies, reduce reliance on traditional sectors and support the emergence of new economic drivers essential for long-term prosperity," Bai said.
