African states mull adopting yuan as forex reserve: Chinese official

While several world leaders meet in Paris to discuss the fight against climate change, a very different kind of meeting is happening to the south. This week, African countries are receiving a visit from their largest trading partner: China.

President Xi Jinping said the package would include zero-interest loans as well as scholarships and training for thousands of Africans. Xi pledged that China will provide agricultural projects in 100 villages in Africa and 1 billion yuan ($156 million) emergency food aid and carry 50 aid programs to improve Africa’s internal and external trade.

The summit’s opening session, held at a convention centre in Johannesburg, was reminiscent of Chinese Communist Party congresses in Beijing, with rows of dark-suited officials applauding every speech in unison in a cavernous hall.

Liu Hongwu, director of the School of African Studies at Zhejiang Normal University, said that the summit and Xi’s proposals are helping China-Africa cooperation “better link to Africa’s own pursuits for development, its own planning and mechanisms”.

Mr Xi and African leaders on Friday repeatedly emphasised the relationship between African countries and China needed to be “win-win”.

The pledges represent almost a doubling of the $30 billion that China promised over a three-year period from 2012, said Kai Xue, a Beijing-based lawyer who advises Chinese businesses operating in Africa.

Although China’s economic growth has taken a dip this year, Xi said Beijing will step up investment in factories manufacturing goods for export in Africa, in addition to building roads, ports and railways.

Xi emphasized that some of the main aims of the $60 billion plan is to help accelerate African industrialization, modernize agriculture and enable African countries to gain independent and sustainable development.

While South Africa’s economy is more sophisticated than Zimbabwe, Mugabe is seen further mortgaging the country as he aims to maintain his octopus-grip on power allegedly to safe guard his future and that of his young family, critics say.

Zuma’s remarks reflected the common expectation of the African countries.

Speaking to the more than 40 heads of state on Friday, President Jacob Zuma said Africa and China need to protect their youth from being brainwashed into joining extremist groups.

“Once again our detractors have sought to portray and reduce our relations to purely commercial ties, on the contrary, reality fortunately does not conform to such distorted imaginative creations”. A country which never was our colonizer …

Sudanese leader Omar al-Bashir, who is wanted by the International Criminal Court (ICC) on charges of genocide, war crimes, and crimes against humanity, was not expected to attend the Johannesburg event.

The forum, which will last from December 4th-5th, is hosted by South Africa in the city of Johannesburg.