CHINESE President Xi Jinping has pledged to create “at least” one million jobs in Africa as he seeks to position Beijing as the development partner of choice for the Global South.
Speaking at the Forum on China-Africa Cooperation on Thursday, Xi said China would provide African countries 360 billion yuan ($51bn) in new financing and support 30 infrastructure projects to boost connectivity across the continent.
Addressing delegates from more than 50 African nations gathered in Beijing for the forum, he said 210 billion yuan ($29.6bn) of the financing would be disbursed through credit lines and at least 70 billion yuan ($9.9bn) in new investment by Chinese companies, with smaller amounts provided through military aid and other projects.
The financial assistance would be in yuan, in an apparent bid to further internationalise the Chinese currency.
The Chinese leader also called for a China-Africa network of land and sea links and coordinated development.
“We have together built roads, railways, schools, hospitals, industrial parks and special economic zones. These projects have changed the lives and destiny of many people,” Xi told African leaders, according to state news agency Xinhua.
Xi said that the Chinese and African people working together could “accomplish new and even greater feats” and spearhead the “modernisation” of the Global South.
After the opening ceremony, delegates adopted the Beijing Declaration on building “a shared future in the new era” as well as the Beijing Action Plan for 2025-27, according to Xinhua.
China is seeking to expand its influence in Africa amid a growing economic and diplomatic divergence with Western countries, including the United States.
Beijing’s outreach also comes as the world’s second-largest economy is slowing down amid challenges that include a prolonged property crisis and a declining population.
China is Africa’s biggest trade partner, with nearly one-quarter of the continent’s exports – mainly minerals, fuels and metals – going to the Asian superpower.
