CHINA> AfDB Annual Meetings
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CHINA> AfDB Annual Meetings
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United for development
(China Daily)
Updated: 2007-05-17 10:02 As developing economies, both China and the African countries are keenly aware of the great challenge to reduce poverty on their respective roads to prosperity. The African Development Bank's (AfDB) annual meeting, which opened in Shanghai yesterday, can be expected to help deepen China-Africa cooperation. The two-day gathering, attended by finance ministers and central bank governors from more than 50 countries, is the bank's first meeting in Asia and marks the progress of the growing ties between China and Africa. After three decades of reform and opening to the world, China has achieved remarkable economic growth, enabling it to lift hundreds of millions of people out of poverty. Still, as a developing country, China faces many difficulties in domestic development. But it is clearly ready to work with Africa and the international community to help the world's poorest continent. Rapidly expanding Chinese trade and investment have helped Africa grow at the fastest pace in 30 years. The AfDB forecast that Africa's economic growth will exceed 6.5 percent this year. But to sustain Africa's development, the international community needs to create a more favorable trade and economic environment for self-motivated development of African countries. The Chinese government has time and again made clear its sincerity in helping Africa speed up economic and social development for the benefit of the African people and their nations. More important, it has endeavored to fully deliver on its commitments. Since China first established diplomatic relations with African countries in the 1950s, it has built more than 900 infrastructure and public projects in Africa. China has canceled 10.9 billion yuan ($1.42 billion) of African debt and announced additional debt reduction of 10 billion yuan ($1.3 billion). China also extends zero-tariff treatment to the exports of some of the least developed African countries and gives favorable market access to many other African products. Such Chinese assistance has enabled Africa to make real progress. Yet, in view of the many challenges still facing Africa and other developing countries including China, an enhanced bilateral partnership for development is needed. Such a partnership is needed not only between China and Africa but also between the developed countries and the developing ones. China's aid and development experience are of value for African countries. But to reduce persistent poverty in a world of plenty, rich countries are obligated to do more. |
