At a press conference on March 7, 2025, Chinese Foreign Minister Wang Yi reaffirmed China’s commitment to strengthening economic ties with Africa, emphasizing increased trade, investment, and financial cooperation. He highlighted China’s focus on fostering Africa’s industrialization and expanding access to Chinese markets for African exports.
“Africa’s development potential is immense, and China is ready to support it through deeper trade and investment partnerships,” Wang stated. He emphasized that “China and Africa are good friends, good partners, and good brothers with a shared future.”
China remains Africa’s largest trading partner, with bilateral trade reaching $295 billion in 2024, a 4.8% increase from the previous year. Wang announced new initiatives aimed at increasing African exports to China, particularly in agriculture, manufacturing, and digital services.
Beijing has also ramped up infrastructure financing, supporting major projects such as railways, ports, and energy plants under the Belt and Road Initiative. Wang highlighted ongoing investments in transport corridors like the Mombasa-Nairobi Railway and power projects in Nigeria and Ethiopia. He noted that “the BRI is not just about roads and bridges, it’s about building the economic foundation for Africa’s future.”
In the financial sector, China’s concessional loans and direct investments have provided crucial capital for African economies. Addressing debt concerns, Wang dismissed the “debt trap” narrative, stating that China offers flexible repayment structures and debt restructuring options to ease financial burdens. He emphasized that “China does not see Africa as a recipient of aid but as a strategic economic partner for long-term mutual growth.”
With FOCAC 2024 agreements shaping the future of Africa-China business relations, trade liberalization and new investment models will play a pivotal role in driving economic transformation across the continent.
